F - Someone Forgot to Tell Ford EV Sales Were Slowing
2024-06-21 04:57:00 ET
The pessimism around electric vehicle (EV) sales growth is palpable right now. It seems every day there's a new announcement from a major automaker about delaying a new EV launch, pulling back on billions in investment plans, or altering plans for new battery factories.
In other words, 2024 is looking like it's going to be a tough year for EV investors. But someone forgot to tell Ford Motor Company (NYSE: F) EV sales were slowing. In fact, the company quietly checked in with strong sales for the month of May. Let's dig in.
On the back of three EV models -- the F-150 Lightning, Mustang Mach-E and E-Transit van -- Ford posted its third-best month ever for EV sales in May. More specifically, Ford's EV sales jumped 64.7% in May compared to the prior year. It also wasn't just EVs that posted a surge in sales; Ford's hybrid vehicles also soared a very similar 64.5%. The automaker's hybrids outsell its pure EVs nearly 2-to-1 currently.
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Someone Forgot to Tell Ford EV Sales Were Slowing