Detroit-based automaker Ford Motor Co (NYSE: F) on Monday said that it sold more electric and hybrid vehicles in the U.S. in November despite the slump in overall sales.
What Happened: Ford sold a total of 8,958 electric vehicles in November, marking a 43.2% jump from November a year ago. Hybrid vehicles too saw a similar surge in sales but the slump in combustion vehicle sales brought down overall sales to 145,559 or 0.5% lower year-on-year.
Ford's best-selling EV last month was the all-electric F-150 Lightning truck, followed by the Mustang Mach-E SUV. Sales of Lightning jumped a noteworthy 113% to 4,393 while the electrified SUV sales bumped up 21.3% to 4,294. The E-transit or the electric van from Ford, however, witnessed sales slip 58.6% to 271 units.
"Electrification is happening with hybrids, too. We have the two best-selling hybrid pickups, with the Ford Maverick hybrid and the F-150 hybrid with Powerboost," Ford CEO Jim Farley wrote on X, formerly Twitter. Hybrid vehicles got a bump of 75.2% to touch 12,108 units last month.
Nov. 2023 Sales YoY % Change
- Electric Vehicles 8,958 43.2%
- F-150 Lightning 4,393 113.0%
- Mustang Mach-E 4,294 21.3%
- E-Transit 271 -58.6%
- Hybrid Vehicles 12,108 75.2%
- Internal Combustion Vehicles 124,493 -6.5%
- Overall Sales 145,559 -0.5%
Why It Matters: During the third quarter, the company's EV unit posted a loss in earnings before interest and taxes of $1.3 billion, taking its nine-month EBIT loss to $3.1 billion.
"A great product is not enough in the EV business anymore. We have to be totally competitive on cost," Farley then remarked.
Instead, the company announced that it would delay a $12 billion EV investment including by delaying its EV battery plant in Kentucky.