Ford reports strong sales growth in May, driven by electric and hybrid vehicles

Mustang Mach-E SUV

5th June 2024 – (Chicago) Ford Motor Company announced on Tuesday that it had sold 190,014 vehicles in the United States in May, representing a robust 11.2 per cent year-on-year increase. The company’s sales were buoyed by strong demand for its electric and hybrid vehicles.

Specifically, Ford’s electric vehicle (EV) sales surged by an impressive 64.7 per cent, totalling 8,966 units. Hybrid sales also saw a substantial increase of 64.5 per cent, reaching a total of 17,631 units. Sales of internal combustion vehicles experienced more modest growth of 5.6 per cent, amounting to 163,417 units. Furthermore, truck sales rose by 11.2 per cent to 109,143 units, SUV sales increased by 9.4 per cent to 75,697 units, and car sales saw a notable surge of 45.4 per cent to 5,174 units.

Ford’s Mustang Mach-E SUV sales rose by 46 per cent, demonstrating the growing popularity of electric SUVs. The company’s F-150 Lightning deliveries surged by an impressive 91 per cent, while E-Transit sales experienced a remarkable increase of 77 per cent.

In the year-to-date sales figures, Ford sold a total of 877,685 vehicles in the first five months, reflecting a 5.6 per cent year-on-year increase. This includes 37,208 EV sales (up 87.8 per cent), 74,049 hybrid vehicles (up 50.9 per cent), and 766,428 internal combustion vehicles (up 0.6 per cent).

The overall auto industry is experiencing a delicate balance between increased inventory levels and additional sales incentives against higher vehicle prices and interest rates. At the end of May, new-car inventory in the U.S. auto market stood at 76 days, 23 days higher compared to the previous year. Incentives are currently running at nearly double the levels seen a year ago.

Other automakers also reported positive sales growth in May. Honda Motor Co. Ltd. saw a 6.4 per cent year-on-year increase, Subaru Corp. recorded a 7 per cent increase, and Volvo’s sales grew by 10 per cent.