Ford’s EV sales climbed 80% year-over-year (YOY) in February following aggressive price cuts last month.
Ford EV sales climb in February following price cuts
After EV sales slipped 11% last month in EV sales last month, Ford saw a big improvement in February with 6,368 all-electric vehicles handed over, up 80.8% over last year.
Ford sold 2,930 Mustang Mach-E models in February, up 64.3% YOY. However, Mach-E sales were down 20% through the first half of 2023 as Ford retooled its Cuatitlan, Mexico plant, where the EV is assembled.
Ford’s CFO John Lawler told investors in October that the company has “taken out some Mustang Mah-E production,” citing market demand.
Meanwhile, Ford F-150 Lightning sales nearly doubled (+93%) YOY, with 2,930 EV trucks delivered. That’s up from the 2,258 Lightning models sold in January.
The growth comes after Ford announced it was cutting Lightning production in January. Ford said the move was to “achieve the optimal balance of production, sales growth and profitability.” E-Transit sales were also up 112.9% last month, with 860 electric vans handed over.
Ford’s overall sales were up 10.5% in February as EVs (+80.8% YOY) and hybrids (+31.5% YOY) carried the growth.
The company’s EV sales growth follows Ford’s decision to slash prices last month. Ford cut 2023 Mustang Mach-E prices by up to $8,100. The automaker also introduced significant incentives on certain 2023 F-150 Lightning models, including up to $12,500 retail bonus cash for the Platinum trim.
Ford announced eligible Mustang Mach-E and F-150 Lightning owners can now request their free CSS to NACS adapter for Tesla’s supercharger network. The company plans to add Tesla’s connector to its next-gen EVs, due in 2025.
Electrek’s Take
Despite Ford cutting production, EV sales are still rising. Ford has pulled back on several EV initiatives, including $12 billion in spending.
Ford isn’t the only one. Rivals, including GM and Mercedes-Benz, revealed similar plans. Meanwhile, pure EV makers like Tesla and Rivian and overseas rivals like Hyundai and Volvo are taking advantage of the transition.
Rivian’s R1S electric SUV was the seventh best-selling EV last year, with over 24,783 units sold. That’s more than the Ford F-150 Lightning (24,165).
Hyundai is opening its first EV and battery plant in the US, a massive $7.6 billion site in Georgia. Once up and running, Hyundai expects EVs assembled at the facility will qualify for the $7,500 federal tax credit, including its first three-row electric SUV, the IONIQ 9.
Ford’s CEO Jim Farley mentioned a “seismic change” in the EV market several times on the company’s Q4 earnings call last month.
Farley said the catalyst is due to EV makers like Tesla cutting prices and “a tremendous amount of capital flowing and a ton of new capacity into one single segment: 2-row crossovers.”
Ford is shifting its focus to smaller EVs. Farley said Ford developed a “super talented skunk works team to create a low-cost EV platform.” The move comes as Ford looks to take on low-cost Chinese automakers and Tesla.
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