Ford’s F-150 Lightning is losing ground in the US with new electric pickups like the Tesla Cybertruck and Chevy Silverado EV now available. Although Ford plans to launch smaller, more affordable EVs, including an SUV and pickup, they won’t arrive for (at least) another two years. With new threats, including a wave of lower-cost EVs and Trump threatening to impose tariffs on imports from Mexico, will Ford’s aging lineup set it further behind?
Ford Lightning falls behind in aging EV lineup
It’s been almost three years since the first F-150 Lightning models rolled out of Ford’s Rouge Electric Vehicle Center in Dearborn, Michigan.
Aside from the Rivian R1T, the Lightning was among the first electric pickups available in the US. Rivian delivered the first R1T models in October 2021. The first Lightning customers received their vehicles in May 2022.
Despite setting a new January EV sales record, Ford sold fewer Lightning models than last year. Last month, sales slipped 15.5% to just 1,907, compared to 2,258 in January 2024.
The Mustang Mach-E was the primary reason behind Ford’s higher EV sales last month. Ford sold 3,529 Mach-Es in January, up 172% from the 1,295 sold last year.
After falling behind GM in the US electric vehicle market last year, Ford launched significant incentives toward the end of the year to boost sales. In October, Ford introduced its “Power Promise” program, giving all EV buyers a free Level 2 home charger worth $2,000. It extended the promotion last month after sales jumped 16% in Q4.
According to Edmunds (via Bloomberg), Mach-E models sat on the lot for an average of over three months before the incentive, nearly 20% longer than the average EV.
New threats emerging
Ford’s aging Lightning and Mach-E are already falling behind new EV competitors like the Tesla Cybertruck and Honda Prologue.
According to Cox Automotive’s 2024 EV sales report, Tesla sold 38,965 Cybertrucks in the US last year, beating out the Lightning at 33,510. Even the new electric Chevy Silverado is catching up.
After the lower-priced LT trim began arriving at dealerships in October, GM sold 2,176 Silverado EVs in the final three months of 2024, for a total of 7,428. Later this year, Ram will launch its first electric pickup, the Ram 1500 REV.
Ford is betting on a new low-cost EV platform as it looks to keep pace with global leaders like Tesla and BYD. The new platform, under development by a team of former Tesla, Lucid, Rivian, and Apple execs in California, will underpin a series of smaller, more affordable EVs.
The first models are expected to be a smaller electric crossover SUV and pickup, starting at under $30,000. However, the new EVs are not expected to arrive until at least 2027.
By then, Ford will face stiff competition with Rivian launching its smaller R2, Volkswagen’s Scout brand arriving, etc.
With Trump threatening a 25% tariff on imports from Mexico, where the Mustang Mach-E is built, Ford could face more headwinds this year.
Electrek’s Take
Ford has already pushed back several significant electric vehicle models and other projects. Last year, it dropped plans to build a three-row electric SUV, which CEO Jim Farley once described as a “personal bullet train.”
The larger SUV was expected to launch this year, but instead, rivals like Hyundai, Kia, Lucid, and Volvo are taking advantage with new three-row electric SUVs (IONIQ 9, EV90, Gravity, and EX90) arriving in the US this year.
After delivering the first models last March, Honda’s Prologue already outsold the Ford Mustang Mach-E last month.
Ford’s Model e electric vehicle unit lost around $5 billion last year and is expected to continue racking up the losses in 2025. Morgan Stanley analyst Adam Jonas forecasts similar losses at around $4.8 million this year.
We will learn more tomorrow when Ford reports its fourth-quarter earnings. Check back for a breakdown of the report.
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