Ford cements solid start to 2024 for EV growth

Firm sees encouraging month-on-month, as well as year-on-year, growth

Ford cements solid start to 2024 for EV growth
Sales of the Mustang Mach-E rebounded in February

Detroit OEM Ford has seen its best year-on-year growth in monthly EV sales since April 2023 as it reported 6,367 February BEV sales, 80.8pc up compared to the same period in 2023.

With the February figures, Ford has already sold over 11,000 units across its three BEV models in 2024, marking its strongest start to any year since the OEM brought out its EV range.

Although January saw a drastic drop-off in month-on-month sales, a broader view suggests that the seasonally strong month of December distorted what was a positive start to 2024 for Ford's EV division, Model E.

Fig. 1: Ford EV sales are outpacing previous years

Ford's electric sales have not regained the highs of November and December last year when the company sold just under 9,000, and just over 10,000, EVs respectively.

However, February 2024 sees a rebound to around the levels reached before this two month period.

Fig. 2: Mach-E recovery drove Ford EV growth in February

The share for each of Ford's three BEVs – the F-150 Lightning pickup, Mustang Mach-E crossover, and E-Transit van – also continued to change significantly from the previous month.

The Mach-E rose to account for just under half of all BEV sales, while the F-150 Lightning retracted to 40pc, and the E-Transit, which saw a large boost in January, retreated to a 13.5pc share.

Mach-E sales have been inconsistent, failing to eclipse the 5,000 monthly registration mark since September 2023, while the F-150 Lightning broke its streak of three successive months in decline, albeit with only a slight uptick.

Even though Ford says it is working to improve the cost structure of its Model E division, the OEM still expects EV losses to grow to a range of $5bn-$5.5bn in 2024, driven by continued pricing pressure and investments in next-generation vehicles.

At Ford's Q4 results, CEO Jim Farley gave his most explicit acknowledgement yet that the firm's first-gen EVs have struggled to remain competitive and may have reached their ceiling in the current market.

Ford says its next-gen range will feature smaller, affordable EVs, with management citing its desire to challenge cheaper Chinese models and the upcoming affordable Tesla, expected in 2026.

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