Ford Sales Rise 10.5% in February, Driven by Hybrids and EVs

Ford Sales Rise 10.5% in February, Driven by Hybrids and EVs


On Monday, Ford announced that US sales increased by 10.5% in February 2024 compared to the same time last year. This increase was led by its hybrid and all-electric sales, according to CNBC.

The automaker reported sales of 174,192 cars and trucks for the month of February, which included an 81% increase in sales of electric vehicles (EV) and a nearly 32% increase in sales of hybrid models. Additionally, sales of traditional internal combustion engines increased by 7.5% compared to the same month in 2023.

As reported by Fox BusinessFord said, “Hybrid vehicles continue to be part of Ford’s growth and sales have grown faster than the overall US industry for much of last year.”

This increase in sales is part of Ford’s strategy to strengthen its focus on the use of technology. The company said hybrid sales reached 12,045 in February, with its subcompact Maverick Hybrid accounting for 6,463 units of that total.

Ford’s EV sales have fluctuated from month to month, affected by factors such as demand and price. In a bid to compete with Tesla and attract budget-conscious buyers, last month Ford significantly reduced the price of its 2023 Mustang Mach-e electric SUV by between $3,100 and $8,100 across models. To add to this, Ford Credit began offering 0% financing for 72 months to qualified buyers, as well as a $7,500 cash incentive on leased vehicles. All these factors may have contributed to the increase in sales.

Last month, Ford’s sales of all-electric motors increased across the board, including a 64.3% rise in its Mustang Mach-E crossover and nearly doubling sales of the electric F-150 pickup.

Even with the jump in EV and hybrid sales, last month, 89.5% of Ford’s sales were traditional cars and trucks.

Sales of Ford’s F-Series pickups fell 5.8% in February to 51,829 units. According to the report Automotive Newsshipments of the new 2024 models were delayed due to an undisclosed quality issue.

The company has also experienced quality and warranty problems, leading Ford CEO Jim Farley to impose stricter tests and quality checks for new vehicle launches.