Ford Motor's U.S. new vehicle sales experienced an 11.2% increase last month compared with May of last year, driven by robust sales growth in all-electric and hybrid models.
The Detroit automaker revealed a substantial 65% sales surge in both hybrid and all-electric vehicles, contrasting with a 5.6% rise in sales of Ford's traditional internal combustion engine vehicles.
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Despite the notable growth in hybrids and EVs, sales in these segments combined for about 26,600 vehicles, accounting for only 14% of Ford's total sales of over 190,000 vehicles last month.
The rise in EV sales presents a dilemma for investors. While Ford aims to expand EV sales to achieve scale and offset tightening fuel economy standards and emissions, its Model E electric vehicle unit has reported significant losses.
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In April, Ford disclosed that the division incurred a $1.32 billion loss on 10,000 vehicles wholesaled from January through March. Even considering EV-related businesses such as software, these losses amount to approximately $132,000 per vehicle sold by the unit.
In May, Ford nearly doubled sales of its all-electric F-150 Lightning pickups compared to May 2023, with sales of the Mustang Mach-E EV also surging by 46% year over year.
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The spike in hybrid sales aligns with Ford's strategy to emphasize the technology. Earlier this year, the automaker announced a delay in the production of new all-electric vehicles to focus on offering hybrid options across its entire North American lineup by 2030.
Ford's total year-to-date U.S. sales through May reached 877,685 units, up 5.6% from the same period in 2023. This growth has been led by a roughly 10% increase in SUV sales and a 2.5% uptick in truck and van sales.