Ford sales jumped in February, led by gains in hybrids and EVs
Ford has seen hybrid vehicle sales surge by 36.7% year-to-date through February, with EV sales up 29.5%
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Ford Motor announced Monday that the company's U.S. sales jumped 10.5% in February with strong sales growth among electric vehicles (EVs) and hybrid vehicles.
Sales of Ford's hybrid vehicles increased 36.7% year-to-date through February, with sales in February up 31.5% compared to a year ago with 12,045 vehicles sold.
"Hybrid vehicles continue to be a growth segment for Ford and sales have grown at a faster rate than the overall U.S. industry for much of the last year," Ford said of the news.
EV sales at Ford are up 25.9% year-to-date compared to a year ago, while sales were up 80.8% from last February with 6,368 EVs sold in the month versus 3,523 last year. Much of the growth in EVs came from the F-150 Lightning pickup, which ticked up 93% in February from last year with 2,578 trucks sold in the month.
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Ford saw sales growth rise, with hybrids and EVs leading the gains, and SUVs the leading segment. (Angus Mordant/Bloomberg via / Getty Images)
The Ford Mustang Mach-E electric SUV saw sales surge by 64.3% in February compared to a year ago even as year-to-date sales lagged last year's figures by about 4.2%. A total of 2,930 Mustang Mach-E vehicles were sold in February, bringing the 2024 tally to 4,409.
The company cut prices for the Mach-E by up to $8,100 in February after sales fell sharply in January, and also moved to scale back production at the Michigan Rouge Electric Vehicle Center to one shift starting on April 1.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.18 | +0.38 | +3.47% |
Ford also saw steady growth in sales of gas-powered vehicles, which were up 7.5% for the month of February and 5.2% year-to-date compared to a year ago. This comes as Ford, like other legacy automakers, has sought to focus more on high-margin hybrid and gas-powered vehicles with signs of cooling demand for EVs.
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Sales of Ford F-Series trucks are down year-to-date and for February, but remained Ford's best-selling vehicle category. (Courtesy of Ford / Fox News)
The Detroit automaker also saw strong growth in sales of SUVs, which increased by 22.3% in February from a year ago and are up 15.2% in 2024 so far.
Within the SUV segment, much of the growth came from sales of the Ford Edge, which were up 80.8% year-to-date and 105.2% from last February – as well as the Ford Escape, which had a sales increase of 68.3% year-to-date and 105.2% for the month.
Ford Truck sales were up slightly, increasing by 1.4% for both the month of February and year-to-date. Sales of F-series pickups overall were down 5.8% in February and 8.6% year-to-date, although the sales volume of 100,531 in 2024 outpaced all other categories.
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Ford cut prices for the Mustang Mach-E electric SUV in February, which helped boost sales after they slumped in January. (Ford Motor Co. / Fox News)
The Maverick, a compact pickup sold in gas and hybrid variants, had the fastest growth with the Ford Trucks lineup with sales gains of 73.4% for February and 84.7% year-to-date, with 25,705 sold in 2024 so far. Ford Transit, which can serve as passenger or cargo vans, saw 19.6% sales growth in the month with 13,410 vehicles sold and 29.4% for the year so far.
Overall, sales of Ford brand vehicles rose 9% in February from a year ago to 165,693 units and are up 6.6% year-to-date with 311,325 vehicles sold. Sales of Lincoln brand vehicles rose 38% for the month to 8,499 units and are up 29.4% year-to-date with 15,484 vehicles sold.
Reuters contributed to this report.