Ford Motor Co F said on Wednesday sales of Mustang Mach-E, its only electric car currently on sale, grew 15.8% in July to 2,854 vehicles compared with a month ago.
What Happened: Mach-E sales in July accounted for just 2.5% of Ford's total volumes but was its second-best result ever, Ford said.
The automaker's total deliveries slumped to 31.8% in July to 120,053 units, compared with a year ago, and were up about 4% on a month-on-month basis.
The Detroit-based automaker said its total electrified vehicle sales were up 57.5% to 9,103 vehicles helped by Mustang Mach-E sales and the F-150 PowerBoost Hybrid.
F-150 PowerBoost Hybrid saw 4,498 units sell in July.
Ford said Mach-Es are “gone as soon as they hit the dealers” and the number of days to turn is now 12 days in July, from 11 in June.
In comparison, deliveries of the traditional Mustangs with internal combustion engines were down 16.1% to 4,124 vehicles in July, compared with a month ago.
Mach-Es ahead of traditional Mustangs: Ford cut down on global Mach-E production numbers by 18% in July to 5,694 vehicles, compared with a month ago but it was still more than double that of the traditional Mustangs.
Mach-E production peaked at 6,963 vehicles last month.
The automaker is betting big on the Mustang-E range and barring the month of July it has been ramping up production. As per the company’s latest production plan, Mach-Es production is now miles ahead of the traditional Mustangs with the internal combustion engine.
Ford has so far this year built 40,473 Mustang Mach-Es and only 34,863 Mustangs.
Price Action: Ford shares closed 4.99% lower at $13.32 on Wednesday.
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Photo: Courtesy of Ford
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
