Ford maintains EV momentum despite overall November sales drop

Published by MEXEM News

July 25, 2024 2:51 PM

(GMT+2)

‍Published - December 05, 2022 @ 12:44 PM (EET)

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Even as the company, alongside the US auto industry, struggles to build cars to meet demand, Ford Motor (NYSE:F) seems to maintain its electric-vehicle momentum.

On Friday, Ford said it achieved CEO Jim Farley's goal of becoming the second best-selling automaker of electric vehicles in the US.

The company reported 6,255 EV deliveries in November, up 102% from the same month a year ago. It is also the fifth consecutive month Ford EV sales have grown at a triple-digit rate.

America's best-selling electric truck was the Ford F-150 Lightning, with 2,062 vehicles sold. Sales have totaled 13,258 trucks since its first sale at the end of May, while the company's Mustang Mach-E sales climbed 14.6% year-over-year, selling 3,539 vehicles.

Total EV deliveries came in at 53,752 for 2022, enough to trail behind Tesla (NASDAQ:TSLA), which so far this year, delivered roughly ten times Ford's amount in the US.

While Tesla has long-dominated US EV sales, with more EVs becoming available, S&P Global Mobility reported its market share of new registered electric vehicles in the US stood at 65% through the third quarter, down from 71% last year and 79% in 2020.

WHY IT MATTERS

Due to a lack of parts, Ford warned investors in September that it didn't finish about 40,000 trucks and SUVs in the third quarter.

During the report Friday, the automaker posted a 7.8% overall decrease in US sales in November compared to 2021. So far this year, the company delivered about 1,685,185 million vehicles, down from 1,732,152 over the same period last year.

Following the report, Ford stock was down 1.5% in early trading Friday and has fallen about 33% this year. The sales release comes a day after Ford said it had invested an additional $152.7 to transition its Halewood, UK plant to EV components.

Ford did not provide a reason for the sales declines in November, but the company and other automakers continue to battle through supply chain issues.

Citing retail orders, Ford said demand for its vehicles remains strong.

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