Although Ford’s EV sales rose by double-digits in July, fewer SUV sales led to lower US growth. Ford’s vehicle sales fell flat as new, updated models hit the market.
Ford sold 8,242 fully electric vehicles in the US last month, up 31% (6,280) from July 2023. The Mustang Mach-E and F-150 Lightning both had double-digit sales growth.
Mustang Mach-E sales climbed 16%, with 4,592 sold in July. Ford has sold 26,826 Mach-E models through the first seven months of 2024, up nearly 50% compared to last year.
Sales of Ford’s electric pickup rose 82%, with 2,822 models sold. Ford Lightning sales reached 18,467 through July 2024, up 29%.
Ford revealed that 54% of Mach-E and 62% of Lightning buyers are new to the brand. The growth comes after Ford introduced new incentives on Lightning and Mach-E models through its Summer Sales event, which began on July 9.
Despite EV sales climbing, Ford’s overall vehicle sales fell slightly compared to last year. Ford sold 173,233 vehicles last month, down 0.2% from July 2023 (173,639).
Ford EV sales up 31% in July as ICE slow growth
SUVs were the main culprit, with sales falling 7% last month. Ford’s Edge (-59%), Bronco (-30%), and Escape (-15%) all had double-digit declines. Ford ended Edge production earlier this year. Meanwhile, the new Explorer carried the growth, with sales up 49% last month.
| Ford sales by vehicle type | July 2024 | % Change YOY | YTD 2024 | % Change YTD |
| Electric Vehicles | 8,242 | +31.2% | 52,422 | +63.9% |
| Hybrid Vehicles | 16,825 | +47.0% | 109,068 | +49.2% |
| Internal Combusion | 148,156 | -5.0% | 1,055,866 | -1.9% |
| Total | 173,233 | -0.2% | 1,217,356 | +3.1% |
Ford truck sales were up 2.5%, led by Maverick (+70%) and Ranger (+25%). Ford introduced a new hybrid Maverick this week for the 2025 model year.
ICE sales fell 5% as Ford moves to introduce more hybrids into its lineup. Ford is leaning more into hybrid tech until its next-gen EVs are ready.
On the company’s Q2 earnings call, CEO Jim Farley reiterated that Ford is focused on smaller, more affordable EVs. Ford’s team in Long Beach is filled with former Tesla, Rivian, Lucid, and Apple execs, and the company aims to develop some of the most efficient EVs.
Farley stressed that Tesla and low-cost Chinese OEMs are the ultimate competition. Like Volkswagen, Farley predicts many rivals will turn to China for EV platforms.
He added that Ford, alongside Rivian and Tesla, are “the only OEMs outside of China controlling software across all the vehicle domain.” Ford is betting on its next-gen EV platform to keep pace.
Speaking of software, Ford just released a new Performance Update for the 2024 Mustang Mach-E GT, enabling a quicker 0 to 60 mph time than the Tesla Model Y Performance.