Ford has put all its efforts into converting its fleet to electric, and it is paying off. America’s best-selling automaker continues to see strong demand for its EV models, as sales grew another 307% in August.
For more than a century, Ford has been leading the American auto industry to new heights. Henry Ford revolutionized the industry, introducing the first moving assembly line in 1913 to boost production.
Then, in 1915, the company made the very first truck, the Ford Motel TT. Now the company is moving to a new frontier, an all-electric one.
Ford has so far been successful in converting its most popular models to EVs. It started with the Mustang Mach-e in December 2020, an electric spin on the longtime muscle car favourite. Then Ford introduced an electric version of its commercial vehicle, the E-Transit, a firm favorite in the industry.
To dive deeper into the EV market, Ford introduced the F-150 Lightning, an all-electric pickup, to complement the ever-popular F-Series. Deliveries began in May 2022, and by August, Ford had delivered its EV truck to all 50 US states. The company is now struggling to keep up with more and more orders coming in.
Ford CEO James Farley commented on the positive response from consumers during the late July second quarter call, explaining:
Now we are overwhelmed by the demand for our first generation EVs, the Mustang Mach-E, the Lightning and the E-Transit. These products are now on the market and we have strong multi-year order banks. We sell them as fast as we can make them.
Ford looks set to hit a usage rate of 60,000 EV by the end of next year, rising to 2 million by 2026. That said, Ford is making deals for critical battery minerals with suppliers like CATL to ensure it can achieve its goals.
Ford EV sales more than quadrupled in August, extending winning streak
After initially selling out, Ford reopened orders for the F-150 Lightning in early August with new pricing and updated colors. And last week, Ford opened orders for the Mustang Mach-e, also with a price increase and two new colors.
The F-150 Lightning had its best month (again), selling on dealer lots in just eight days, the fastest-running vehicle. The EV truck sold 2,373 in August, 200 more than in July.
The Mustang Mach-e, on the other hand, is in high demand, despite being on the market for over a year. Mach-e sales reached 3,120, up 115% from August 2021. Still, orders for the new Mach-e hit a record high of over 7,800 in the month.
Ford’s commercial EV van dominates the market with over 90% market share. The automaker sold 404 E-transit cars in August.
The feedback has been impressive so far, with Ford taking second place in the US EV sales market in August. Here’s a breakdown of Ford’s EV sales so far for 2022.
- Ford F-150 lighting – 6.842
- Mustang Mach-e – 25, 765
- E-Transit – 3,938
While interest rates are rising and model prices are rising, Ford’s electric vehicle sales are not declining. August shows that EVs are in high demand and automakers are still struggling to keep up.
Ford has strongly proven itself as a true EV candidate over the past year. With nearly every longtime automaker and EV startup chasing Tesla for market share right now, Ford looks set to build on its success to date.
With the successful introduction of the F-150 Lightning, Ford is claiming a critical market in EV trucks.
Ford has said it will focus on converting a few key models (such as the Explorer, Maverick and Ranger) that are already selling well within its portfolio to electric.
Will it be enough for Ford to maintain its market share? I wouldn’t doubt it. You see, Ford has an advantage over startups because it can take money from traditional car sales to drive the growth of its electric models.
I’m curious how the market will react when new EV trucks are introduced. Rivian ramps up production of its R1T, while Tesla’s cyber truck goes into production in 2023.
The old versus the new – who comes out on top? I wouldn’t be surprised if Ford stands its ground with nearly 100 years of truck building experience. On the other hand, electric is a different ball game. We shall see.
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