Ford reported a 1% increase in sales during the second quarter, with a 5% gain in truck sales, totaling 308,920 vehicles, the best performance since 2019. The F-Series sales reached 199,463 vehicles. Electric vehicle (EV) sales totaled 23,957, up 61% year-over-year, with the Mustang Mach-E and F-150 Lightning drawing new customers. Hybrid vehicle sales also increased by 56%, reaching a new quarterly record. This growth aligns with Ford's strategy to ease the transition to EVs and meet federal fuel efficiency standards. Ford's sales growth outpaced industry expectations, with modest increases for both Ford and GM, which reported a 0.6% rise in second-quarter sales. Ford's U.S. sales rose 0.8% in the second quarter, with 536,050 vehicles sold, exceeding the industry average of 2.5% growth. Hybrid vehicle sales, particularly the Maverick hybrid trucks, were a driving force, with approximately 60% of customers coming from other brands. The company's EV sales, including the F-150 Lightning and Mustang Mach-E, contributed significantly to the overall growth. The F-150 Lightning sales were up 77%, while the Mustang Mach-E sales increased by 46%. Additionally, the E-Transit, Ford's electric van, saw a 96% increase in sales. Ford's EV sales in the first half of 2024 totaled 44,180, up 72% from the previous year. This growth allowed Ford to maintain its position ahead of GM in the U.S. EV market. The company's success in EV sales, particularly with the F-150 Lightning, contributed to the overall rise in electric vehicle sales. The increase in EV and hybrid sales comes at a time when the industry is facing challenges such as cyberattacks disrupting dealership operations and high interest rates affecting vehicle financing. Despite these challenges, Ford's sales growth is expected to continue with the upcoming release of new models, including the Ford Explorer SUV, Lincoln Aviator SUV, Mustang Mach-E Rally SUV, and extended-range E-Transit commercial van.
