Ford Breaks EV Sales Record In November 2024: Successes And Setbacks
Ford Hits 10,821 EVs Sold, Boosted by 21%, Despite F-150 Lightning Decline and Growing Competition
Ford achieved its highest monthly electric vehicle (EV) sales in November 2024, highlighting both the progress and challenges facing traditional automakers in the EV market.
Record Sales, Mixed Signals
Ford sold 10,821 all-EVs in November, marking a 21% increase year-over-year and setting a new monthly sales record. However, this achievement comes with a complex narrative of shifting market dynamics and competitive pressures.
The most notable challenge is the declining demand for the F-150 Lightning, Ford’s flagship electric pickup. Sales of the F-150 Lightning dropped 17%, from 4,393 units in November 2023 to 3,643 in the current month. Despite this dip, F-150 Lightning’s year-to-date sales remain strong, up 39% with over 28,300 units sold.
Bright Spots in Ford’s EV Portfolio
Ford’s electric strategy is being buoyed by two key models:
- Mustang Mach-E: The electric crossover SUV continues to perform robustly, selling 5,938 units last month. Year-to-date sales have reached nearly 45,000, a 25% increase from the previous year.
- E-Transit Van: The electric van has seen a remarkable surge, with sales jumping 358% to 1,240 units compared to November 2023.
Competitive Market Challenges
The EV market is becoming increasingly competitive. Rivals like Kia, Hyundai, and Honda are also making significant strides. Notably, Honda has sold over 25,000 Prologue electric SUVs since March, with 6,800 sold in November alone – even outpacing the Mustang Mach-E.
In addition, Ford faces additional pressure from new electric pickup competitors, including the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra Denali EV.
Incentives and Support
To sustain its position and accelerate EV adoption, Ford is introducing a range of aggressive strategies designed to attract buyers. These initiatives include offering 0% interest for 72 months on financing, along with up to $5,000 in bonus cash incentives. Additionally, customers leasing specific models can benefit from substantial lease bonuses, with up to $10,500 for the Mustang Mach-E and $6,500 for the F-150 Lightning.
Ford has also launched the “Ford Power Promise” program, aimed at enhancing the EV ownership experience. This program includes a free Level 2 home charger with installation, providing convenience and cost savings for new EV owners. Further support is offered through 24/7 live assistance, ensuring help is always available when needed. To provide peace of mind, the company backs its EV batteries with an 8-year/100,000-mile warranty.
Market Context and Future Outlook
While the November sales record is impressive, EVs still represent a small portion of Ford’s total sales. In November, EVs comprised just 6.5% of Ford’s total volume, with hybrid vehicles at 8.6% and traditional internal combustion engine vehicles dominating at nearly 85%.
Ford’s cumulative United States (U.S.) EV sales for 2024 have reached approximately 85,000 units, guaranteeing this will be the company’s best year for EV sales. To break the 100,000-unit mark, Ford will need a strong December performance.
As a result, Ford’s November EV sales record demonstrates its commitment to electric mobility, even as it navigates the complex challenges of market adoption, consumer preferences, and intense competition.
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