Ford Motor (NYSE:F) reported strong second-quarter results on Thursday, boosted by its fleet and legacy truck units, with the star of the show being American trucks. It seems that after joining the EV King Tesla Inc (NASDAQ: TSLA) on the EV charging front, Ford is heading straight towards its lofty goals, however, its EV sales still remain low compared to its fleet. traditional automobile and due to the work done in its production plant, Ford lost its second place in electric vehicle sales for the first half of the year. Meanwhile, General Motors (NYSE: GM), Honda Motor Co (NYSE: HMC), Nissan Motor (OTC: NSANY), Hyundai Motor Company (OTC: HYMTF) and Kia announced at least a 14% increase in electric vehicle sales on Wednesday.
Q2 figures
For the April-June quarter, sales jumped 9.9% driven by the F-Series. In contrast, EV sales fell 2.8% to 14,843 vehicles due to the lack of Mach-E supplies at Ford.
It was F-series time under the sun
Sales of Ford’s F-Series trucks were up 34% year-on-year. This increase includes the all-electric version of the F-150, the Lightning which more than doubled to 4,466 units sold and is the second highest quarterly result since this electric pickup hit the road.
In the first six months of the year, overall truck sales drove Ford’s profits to new heights or, more accurately, to rise 23% year-over-year. During those six months, Ford was the top-selling brand and won the title of top-selling truck thanks to the popularity of its F-series, its and the electric version of America’s best-selling truck for 36 years and its best-selling vehicle of any type for 41 years, F-150, the Lightning.
From April to June, Ford sold 531,662 vehicles, a significant improvement over the comparable quarter last year, when its production stood at 483,688 cars and trucks, with production plagued by supply chain issues.
Ford electric vehicle sales remain weak
Sales of electric vehicles fell 2.8% in the quarter to 14,843 vehicles as Mustang Mach-E supply was insufficient due to a factory overhaul. During the second quarter, Ford revamped this particular production plant to ramp up production of this electric vehicle as it continues its journey to ramp up its production of electric vehicles and achieve profitability on this front before the end of 2026. Meanwhile, Hyundai Motor, along with Kia which the same parent company owns, has overtaken General Motors (NYSE: GM) in electric vehicle sales, although General Motors has more than quadrupled its electric vehicle sales to 36,322 units so far. in June. Volkswagen (OTC: VWAGY) more than doubled its electric vehicle sales to 26,538 units in the same period, after General Motors. From second place in the first half of 2022 in electric vehicle sales, Ford’s factory overhaul has dropped the company to fifth place.
Naturally, even Hyundai is still far behind the king of electric vehicles.
Tesla delivered more than 889,000 electric vehicles in the first half of the year, including 466,140 vehicles in the second quarter. Tesla has ambitious plans to further increase production, as it expects to manufacture at least 1.8 million electric vehicles this year.
Andrew Frick, Ford’s vice president of sales, distribution and trucks, noted that the redesign has already improved sales of this electric vehicle with a 110% increase in June. But electric vehicles still only account for 2.8% of Blue Oval’s total sales, followed by hybrids which made 6.5% of quarterly sales and the majority or more precisely, 91% of sales coming from internal combustion engines.
DISCLAIMER: This content is for informational purposes only. This is not investment advice.
Don’t miss real-time alerts on your actions – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster and better.
This article Ford is falling behind in the EV race originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.