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Ford’s electric vehicle sales continue surging in May despite shifting EV plans

Despite a recent pullback on its electric vehicle strategy amid “slower-than-expected” demand, Ford’s EV sales continued surging in May. All Ford electric models, including the F-150 Lightning and Mustang Mach-E, saw double-digit sales growth last month.

Ford’s EV sales grow 65% in May 2024

Although Ford is the number two EV maker in the US (not including combined Hyundai/Kia sales), the automaker is “letting up on the gas” with plans to introduce more hybrids.

However, electric vehicle sales continue to soar. Ford’s EV sales climbed 64.7% in May, with 8,966 models sold. The Mustang Mach-E was the top-selling EV, with 4,255 models sold, up 46% from May 2023. Ford F-150 Lightning sales were also up 91% YOY, with 3,260 models sold.

Meanwhile, Ford’s electric commercial van, the E-Transit, continues to see higher demand. Another 1,450 electric vans were sold, up 77% from last year.

The EV sales growth in May was enough to outpace Ford’s hybrid (+64.5%) and internal combustion (ICE) sales (+5.6%).

Ford sold over 37,200 electric vehicles through the first five months of the year, nearly double (+87.8%) the 19,809 EVs sold at this time last year.

2024 Ford F-150 Lightning Flash (Source: Ford)

Mustang Mach-E sales are up 89%, with 18,737 models sold through May. Ford has sold 13,093 F-150 Lightning models so far this year, up 78.5%. Meanwhile, E-Transit sales are quietly picking up, with 5,478 models sold YTD, up 111% over last year.

The growth comes after Ford slashed EV prices earlier this year, citing “slower-than-expected” demand with plans to lean more into hybrids.

2024 Ford F-150 Lightning trim
Initial Starting PriceNew Starting PriceDifferenceRange
(EPA-est miles)
Platinum Black$92,995$92,9950300
Updated 2024 Ford F-150 Lightning price and range by trim (*not including $2,095 destination fee)

Ford opened orders for the 2024 F-150 Lightning in April, adding a new “Flash” trim. With an extended-range battery, tech-loaded interior, and several other features pulled from popular trims, Ford believes the new model hits the “sweet spot.”

In other news, Ford’s first all-electric Explorer rolled off the production line at its Cologne EV plant in Europe Tuesday.

Ford electric Explorer production (Source: Ford)

Ford said a new sports EV crossover will debut soon (for Europe), with production planned to start later this year.

Electrek’s Take

Despite the strong performance, Ford is delaying around $12 billion in EV investments. It’s also planning to invest more in hybrid tech, following in Toyota’s footsteps.

Meanwhile, rivals like Hyundai and Kia are pushing full steam ahead toward an electric future. Hyundai’s IONIQ 5 set a new monthly sales record in May, while Kia’s three-row EV9 is gaining momentum in the US.

Top comment by Sergey Solyanik

Liked by 5 people

Tesla was able to sell electric cars at a premium because they were not electric (or not just electric), but because they had features normally found in very expensive cars.

Other car manufacturers thought that merely being electric commanded a premium, which it didn't necessarily, and tried to extract premium prices for ordinary, uninspired feature sets.

Now it all comes into balance, poorly selling mediocre cars, such as Ford's, are getting their prices cut to where they should have really been in the first place, and so people buy more of them.

View all comments

Hyundai expects the momentum to continue with the start of production at its first EV and battery plant in the US, which is planned for later this year.

In an exclusive interview with Electrek, Hyundai America CEO Randy Parker said the automaker is “humble and hungry” to separate itself from its EV rivals.

With Hyundai’s first three-row electric SUV, the IONIQ 9, due out soon, can Hyundai top Ford in US electric vehicle sales? Or will Ford keep the ball rolling despite recent plans to pull back on EV initiatives? Drop us a comment to let us know your thoughts.

If you’re in the market for a new EV, Ford is offering some of the lowest prices yet on popular models. You can use our links below to view deals on Ford EV models at a dealer near you.

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Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising

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