Ford’s EV Sales Surge In July 2024 Despite Industry Slowdown Concerns

Despite concerns about an electric vehicle (EV) slowdown, Ford has reported a major increase in EV sales for July 2024 with 8,242 units sold in the United States (U.S.) last month, marking a 31% increase compared to July 2023.

In detail, this growth represents the sixth consecutive month of year-over-year increases in EV sales for Ford. The company’s Mustang Mach-E led with 4,592 units sold, a 16% increase from the previous year. The F-150 Lightning saw higher growth, with sales surging 82% to 2,822 units. The E-Transit van rounded out the electric portfolio with 828 units sold, a modest 5% increase.

As of now, Ford’s EV sales account for 5% of its total U.S. sales, up from 3.8% a year ago. As a result, one in every 20 new Ford vehicles sold in July was all-electric. The company’s year-to-date EV sales have reached 52,422 units, a 64% increase compared to the same period last year.

The positive EV sales figures were offset by declining sales in other segments. Ford’s overall vehicle sales in July remained relatively flat, decreasing by 0.2% compared to July 2023. 

Ford’s Revised EV Strategy

In reflection of these results, Ford CEO Jim Farley had previously expressed the company’s focus on developing smaller and more affordable EVs to compete in the market. As Ford recently reported its Q2 2024 earnings with its Model e unit losing $1.1 billion, the company’s revision of its EV strategy will be important to turn things around. 

Read More: Ford Reports Q2 2024 Earnings Revealing $1.1 Billion Loss In EV Unit

Notably, Ford recently reported a decrease in Mustang Mach-E production in Mexico, down 63% year-over-year in July, possibly indicating efforts to align factory output with sales demand.

As Ford continues to navigate the challenges in balancing production with demand, the company’s strong EV sales growth in July indicates its resilience in the competitive market as the industry sees whether it can maintain its momentum and increase its market share.  

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