Cars and Drivers

Ford Sold 183,000 Vehicles Last Month, Few EVs

Douglas A. McIntyre

Published: September 7, 2024 8:36 am

Last Updated: September 9, 2024 7:27 am

24/7 Wall St. Insights

• Ford Motor Co. (NYSE: F) had a good month in August, but electric vehicle (EV) sales failed to impress.
• Also: Two dividend legends to hold forever.

Ford Motor Co. (NYSE: F) had a good month in August. In the United States, the number two U.S. automaker sold 183,985 vehicles. That was up 13.5% from the same month a year ago, although the electric vehicle (EV) sales were up sharply on a percentage basis, on a raw number basis, the figure was less than modest, It is a sign of how badly Ford’s foray into EVs has gone.

Ford’s EV unit sales were only 8,944, up 29.8%, In a sign of customer preference, hybrid sales were up 49.8% to 16,394. Across the industry, hybrids have become an unexpected success and alternative to gasoline-powered vehicles. They have been around since the Toyota Motor Corp. (NYSE: TM) Prius was released in 1997, but have never been a large part of the car industry. Toyota was one of the few companies that has not pressed into the EV sector, preferring to stay with hybrids.

Toyota’s decision contrasts with Ford’s. In 2021, Ford said it would invest $30 billion in EVs before the end of 2025. In 2022, it said it would be on pace to build 600,000 EVs by late 2034. Ford missed both goals by miles, and in the first half of the year, it lost over $100,000 per EV sold. It has throttled back EV production and investment sharply.

If there is anything that shows Ford continues to rely on gasoline-powered cars, it is the extraordinary success of the F-Series full-sized pickup. It has been the top-selling vehicle in America for over four decades. Its sales represented 37% of all Ford’s sales in August.

It was always a stretch for Ford to diversify much beyond gasoline-powered vehicles. Today, it is plain just how much of a stretch that was.

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