Ford has put all its efforts into converting its fleet to electric vehicles, and it is paying off a lot. America’s best-selling automaker continues to see strong demand for its electric 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 movable assembly line in 1913 to boost production.
Then, the company built its first ever truck, the Ford Motel TT, in 1915. Now the company is moving to a new frontier, all-electric.
Ford has so far had success converting its most popular models to electric vehicles. I started with the Mustang Mach-e in December 2020, and it’s an electric twist on my longtime favorite muscle car. Next, Ford introduced an electric version of its commercial truck, the E-Transit, a hot favorite in the industry.
To delve deeper into the electric vehicle market, Ford introduced the F-150 Lightning, an all-electric pickup truck, to join the ever-popular F-series lineup. Deliveries began in May 2022, and by August Ford had delivered its electric truck to all 50 US states. The company is now struggling to keep up with more and more orders coming in.
James Farley, Ford’s CEO, commented on the positive response from consumers during his second quarter earnings call at the end of July, explaining:
We are now inundated with demand for our first generation cars, the Mustang Mach-E, Lightning and E-Transit. These products are on the market now, and we have strong multi-year demand banks. We are selling it as soon as possible.
Ford is looking to achieve an operating rate of 60,000 EVs by the end of next year while increasing it to 2 million by 2026. However, Ford is making critical battery metal deals with suppliers like CATL to ensure it can meet its goals.
Ford EV sales more than quadrupled in August, expanding the winning streak
After initially selling, Ford reopened F-150 lightning orders in early August with new prices and updated colors. Then last week, Ford opened orders for the Mustang Mach-e, which also included a price increase and two new colors.
The F-150 Lightning truck had its best month (again), sold out at many dealerships in just eight days, and was its fastest spinning vehicle. The EV sold 2373 truck in August, up 200 from July.
On the other hand, the Mustang Mach-e is in great demand even though it has been in the market for over a year now. Mach-e sales reached 3,120, up 115% from August 2021. However, new Mach-e orders reached record levels of over 7,800 in the month.
Ford’s commercial electric vehicle dominates the market with a share of over 90%. The automaker sold 404 transit e-cars in August.
The feedback so far has been impressive, with Ford taking second place in the US electric vehicle sales market in August. Below is a breakdown of Ford EV sales so far for 2022.
- Ford F-150 Lighting – 6842
- Mustang Mac E – 25, 765
- E-Transit – 3938
Despite higher interest rates and higher prices for models, Ford’s EV sales aren’t slowing. August shows that demand for electric vehicles is high, and automakers are still struggling to keep up.
Ford has made a strong case for itself over the past year as a true competitor to electric vehicles. With all the old automakers and the electric car company chasing Tesla at this point for market share, Ford is looking to build on its success so far.
With the successful introduction of the F-150 Lightning, Ford is claiming an important market for EV trucks.
Ford has stated that it will focus on converting some key models (such as the Explorer, Maverick and Ranger) that are already selling well in its portfolio to electric.
Will it be enough for Ford to hold on to market share? I wouldn’t doubt it. You see, Ford has an advantage over startups in terms of its ability to divert money from traditional car sales to drive growth in its electric models.
I’d be interested to see how the market reacts to the introduction of new electric trucks. Rivian is ramping up its production of the R1T, while the Tesla e-truck is scheduled to hit production in 2023.
Old vs. new – who will come out on top? I wouldn’t be surprised to see Ford has nearly 100 years of experience building trucks. Then again, electricity is a different ball game. we will see.
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