Ford Falls Behind In The EV Race

On Thursday, Ford Motor F posted stellar second quarter results as it was boosted by its fleet and legacy truck units with the star of the show being U.S. trucks. It seems that after joining the EV King Tesla Inc TSLA on the EV charging front, Ford is going straight towards its ambitious goals, however, its EV sales still remain small compared to its traditional automotive fleet and due to the work performed at its production facility, Ford lost its second place in EV sales for the first half of the year. Meanwhile, General Motors GM, Honda Motor Co HMC, Nissan Motor NSANY, Hyundai Motor Company HYMTF and Kia reported at least 14% rise in EV sales on Wednesday.

Q2 Figures

For April to June quarter, sales jumped 9.9% thanks to the F-series. On the other hand, EV sales shrank 2.8%, to 14,843 vehicles, due to Ford being short of Mach-E supplies.

It Was F-series’ Time Under The Sun

Ford’s F-Series truck sales expanded 34% YoY. This rise includes the all-electric version of the F-150, the Lightning that more than doubled to 4,466 units sold and this is the second highest quarterly result since this electric pickup hit the road.

During the first six months of the year, overall truck sales fueled Ford’s profits to rise to new heights or more specifically, increase 23% YoY. During these six months, Ford was the best-selling brand and had the bestselling truck title thanks to the popularity of its F-series, its and the electric version of America’s best-selling truck for 36 years and its best-selling vehicle of any type for 41 years, F-150, the Lightning.

From April to June, Ford sold 531,662 vehicles which is a significant improvement compared to last year’s comparable quarter when its output amounted to 483,688 cars and trucks as production was plagued by supply chain issues.

Ford’s EV Sales Remain Weak

EV sales shrank during the quarter 2.8%, to 14,843 vehicles, as supplies of the Mustang Mach-E were short due to a factory overhaul. During the second quarter, Ford was retooling this particular production facility to boost the production of this EV as it continues its path to uplevel its EV production and reach profitability on this front before 2026 ends. Meanwhile, Hyundai Motor, together with Kia the same parent company owns, overtook General Motors GM in EV sales, despite General Motors more than quadrupling its EV sales to 36,322 units through June. Volkswagen VWAGY more than doubled its EV sales to 26,538 units throughout the same period, following General Motors. From being second during the first half of 2022 in EV sales, Ford’s factory revamping pushed the company down to fifth place.

Naturally, Even Hyundai Is Still Far Behind The EV King.

Tesla delivered more than 889,000 EVs during the first half of the year, including 466,140 vehicles during the second quarter. Tesla has ambitious plans to further boost production as it plans to make at least 1.8 million EVs this year.

Andrew Frick, Ford vice president of sales, distribution and trucks noted that the revamping already improved sales of this EV with a 110% rise in June. But EVs still make only 2.8% of Blue Oval’s total sales, followed by hybrids that made 6.5% of quarterly sales and the majority or more precisely, 91% of sales being from internal combustion engines.

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