Ford's EV sales surge, fueled by strength in F-150 Lightning electric trucks

By Tomi Kilgore

Ford's second-quarter EV sales in the U.S. rose 61%, with the brand ranking second, behind only Tesla

Ford Motor Co. reported second-quarter U.S. electric-vehicle sales Wednesday that rose sharply from a year ago, boosted by strength in sales of its F-150 Lightning electric trucks.

Sales of hybrid vehicles also saw a big jump, fueled by Maverick hybrid trucks, to reach a new quarterly record.

Ford's stock (F) edged up 0.2% in morning trading, which puts it on track for a sixth straight gain.

The company said total U.S. vehicle sales for the second quarter rose 1% from a year ago.

EV sales were up 61% to 23,975, as F-150 Lightning sales jumped 77% to 7,902 vehicles and Mustang Mach-E sales rose 46%.

"With 44,180 total EVs sold for the first half of the year, Ford electric vehicles trail only Tesla," the company said.

Ford's U.S. sales report comes a day after Tesla Inc. reported global second-quarter deliveries of 443,956 EVs, down 4.7% from a year ago.

Hybrid sales rose 56% to a quarterly record of 53,822 vehicles.

Maverick sales totaled 40,420 vehicles through the first half of the year, while F-150 Hybrid sales totaled 33,674 vehicles for the period.

Ford's stock has tacked on 5.7% year to date, while shares of rival General Motors Co. (GM) have run up 30.3% and Tesla shares (TSLA) have slipped 3.9%. The S&P 500 index SPX has advanced 15.6% this year.

-Tomi Kilgore

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07-03-24 1021ET

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