Cars and Drivers

Ford EV Sales Jump

gopixa / iStock Editorial via Getty Images

Overall, the sales data from Ford Motor continues to be positive. In August, U.S. unit sales rose 27.3% to 158,008. The industry continues to face supply chain problems which makes the number particularly impressive.

Sales of Ford’s EVs were especially strong, but tiny. The numbers show how far Ford has to go to have a major presence in the sector. Sales of the Ford-F150 Lightning hit 2,373 for the month. The model was not available last year. And, it was extremely modest compared to all F-series sales which were 58,283 for the month.

Sales of the popular Mustang Mach-E crossover EV rose 115.5% to 3,120. It is part of what Ford calls the SUV segment. Total sales of this segment were 64,808. These were driven largely by improved sales of the Bronco and Explorer. In other words, Mustang Mach-E sales rose rapidly but remain a very small part of Ford’s SUV business.

Ford continues to have three challenges in the EV market. One is that the components for EV engines have spiked. Ford recently raised the average price of the Lightning by $7,000, and the Mustang Mach-E by $3,000 to $4,000. Price will be a consumer consideration when people decide whether to move from gas powered to EV models.

Components for EV engines across the industry remain scarce. This means that Ford will have trouble meeting demand for its EVs, and this may persist for months. People who want these vehicles may not be willing to wait and will turn to other SUVs and pick-ups.

Finally, Tesla remains the market leader by unit sales, and by a wide gulf. In the most recently reported quarter, Tesla sold 254,000 vehicles. Tesla has its own SUV-crossover in its Model X, and will introduce a pick up in mid-2023. Tesla’s brand strength should help sales of this to be brisk.

Ford’s EV presence is in its earliest stages. Almost every major car company in the world is in the midst of an EV line-up launch. Ford is in the game, but it has a very long way to go to be the leader.

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.