Ford Again Defies Elon Musk's 'Tough Quarter' Gloom As EV Sales Keep Surging After Q1 Boom

Dearborn-based Ford Motor Co F on Wednesday reported a whopping 88% jump in electric vehicle sales in the U.S. for the first five months of 2024.

What Happened: Ford sold a total of 8,966 EVs in the U.S. in May, marking a near 65% jump from 2023 when it sold just 5,444 units. The increase in sales is reflected across the company’s EV lineup including its E-transit electric vans.

While the E-transit van saw a 77.0% jump in sales to 1,451 units, the Lightning pickup truck saw sales shoot up 91% and the Mach-E by 45.9% despite stiff competition in their respective vehicle segments.

As of the end of the first five months of 2024, Ford’s cumulative EV sales stand at 37,208 units, nearly 88% higher when compared to the 19,809 EVs sold in the corresponding period of 2023.

Why It Matters: In the first quarter alone, Ford sold a total of 20,223 EVs, refuting Tesla CEO Elon Musk‘s claims that the quarter was "tough" for everyone, referring to Chinese EV giant BYD‘s 43% quarter-on-quarter drop in EV sales. Tesla, too, saw its EV deliveries across the globe drop 8.5% year-on-year to 386,810 vehicles.

The Mach-E is up against the Tesla Model Y in the electric SUV segment, while the F-150 Lightning is pitted against Tesla's Cybertruck in the EV pickup segment. However, Ford’s electric vehicles are priced significantly lower than their Tesla counterparts.

While the 2024 model year Mach-E starts at $39,995, the Model Y starts at $44,990. The model year 2023 F-150 Lightning starts at $49,995 and the Cybertruck at $79,990. A lower-priced rear-wheel drive version of the Cybertruck will be available starting in 2025, priced at $60,990.

However, Ford expects its EV division to post an EBIT loss between $5.5 billion and $5 billion in 2024, wider than the $4.7 billion loss recorded in 2023.

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