Detroit-based automaker Ford Motor Co F on Monday said that it sold more electric and hybrid vehicles in the U.S. in November despite the slump in overall sales.
What Happened: Ford sold a total of 8,958 electric vehicles in November, marking a 43.2% jump from November a year ago. Hybrid vehicles too saw a similar surge in sales but the slump in combustion vehicle sales brought down overall sales to 145,559 or 0.5% lower year-on-year.
Ford’s best-selling EV last month was the all-electric F-150 Lightning truck, followed by the Mustang Mach-E SUV. Sales of Lightning jumped a noteworthy 113% to 4,393 while the electrified SUV sales bumped up 21.3% to 4,294. The E-transit or the electric van from Ford, however, witnessed sales slip 58.6% to 271 units.
“Electrification is happening with hybrids, too. We have the two best-selling hybrid pickups, with the Ford Maverick hybrid and the F-150 hybrid with Powerboost,” Ford CEO Jim Farley wrote on X, formerly Twitter. Hybrid vehicles got a bump of 75.2% to touch 12,108 units last month.
| Nov. 2023 Sales | YoY % Change | |
| Electric Vehicles | 8,958 | 43.2% |
| F-150 Lightning | 4,393 | 113.0% |
| Mustang Mach-E | 4,294 | 21.3% |
| E-Transit | 271 | -58.6% |
| Hybrid Vehicles | 12,108 | 75.2% |
| Internal Combustion Vehicles | 124,493 | -6.5% |
| Overall Sales | 145,559 | -0.5% |
Production: Once the United Auto Workers (UAW) union and the company reached a tentative agreement after a strike that dragged along for over a month, production scaled in November to 205,085 units as compared to the 183,057 units made in October. The F-150 was the most manufactured model last month with 48,622 vehicles rolling off the production line.
Why It Matters: During the third quarter, the company's EV unit posted a loss in earnings before interest and taxes of $1.3 billion, taking its nine-month EBIT loss to $3.1 billion.
"A great product is not enough in the EV business anymore. We have to be totally competitive on cost," Farley then remarked.
Instead, the company announced that it would delay a $12 billion EV investment including by delaying its EV battery plant in Kentucky.
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