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Ford Sales Rise 10.5% in February, Driven by Hybrids and EVs
March 5, 2024
On Monday, Ford announced that U.S. sales increased by 10.5% in February 2024 compared to the same time last year. This rise was led by its hybrid and all-electric motor sales, according to CNBC.
The automobile company reported sales of 174,192 cars and trucks for February, which includes an 81% surge in electric vehicle (EV) sales and approximately a 32% increase in hybrid model sales. Additionally, sales of traditional internal combustion engines saw an evident spike of 7.5% compared to the same month in 2023.
As reported by Fox Business, Ford said, “Hybrid vehicles continue to be a growth segment for Ford and sales have grown at a faster rate than the overall U.S. industry for much of the last year.”
This rise in sales is a part of Ford’s strategy to strengthen its focus on the use of technology. The firm said hybrid sales amounted to 12,045 in February, with its small Maverick Hybrid pickup accounting for 6,463 units of that total.
EV sales for Ford have varied month to month, influenced by factors such as demand and pricing. In a bid to compete with Tesla and attract budget-conscious buyers, last month Ford significantly dropped the price of its electric 2023 Mustang Mach-e SUV by between $3,100 and $8,100 across various models. To add to this, Ford Credit started offering 0% financing for 72 months to qualified buyers, along with a $7,500 cash incentive on leased vehicles. All these factors may have contributed to the rise in sales.
Last month, Ford’s sales of all-electric motors were up across the board, including a 64.3% rise in its Mustang Mach-E crossover and almost twice as much in sales for the all-electric F-150 Lightning pickup.
Even with the jumps in EV and hybrid sales, last month, 89.5% of Ford’s sales were traditional cars and trucks.
Sales of Ford’s lucrative F-Series pickups dropped by 5.8% in February to 51,829 units. According to a report by Automotive News, shipments of the new 2024 models were delayed due to an undisclosed quality issue.
The company has also experienced quality and warranty problems, leading the CEO of Ford, Jim Farley, to put in place stricter tests and quality checks for the launches of new vehicles.
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