Ford Motor Co. reported a 1% increase in sales during the second quarter of 2024, driven primarily by a 5% gain in truck sales, the company announced on Wednesday. The automaker's truck segment, including pickups and vans, saw its best second-quarter performance since 2019, with 308,920 vehicles sold. Ford's flagship F-Series contributed significantly, with 199,463 units sold.
In a notable highlight, sales of Ford's electric vehicles (EVs) surged 61% in the second quarter, totaling 23,957 units. The Mustang Mach-E and the F-150 Lightning were particularly popular, attracting new customers to the brand. Hybrid vehicle sales also set a new quarterly record for the automaker, with 53,822 units sold, marking a 56% increase.
The announcement comes a day after General Motors reported a modest 0.6% increase in second-quarter sales, highlighting the competitive landscape of the auto industry. Despite industry forecasts predicting flat sales year-over-year, both Ford and GM managed to achieve slight growth.
Ford's overall sales growth for the first half of 2024 stands at 3.6%, with 1,044,133 vehicles sold in the U.S., outpacing the industry average of 2.5% growth, according to Motor Intelligence data. The rise in hybrid and electric vehicle sales is a key driver of this performance. Ford sold 20,760 Maverick hybrid trucks in the second quarter, bringing the total to 40,420 for the first half of the year. The Maverick hybrid's appeal is underscored by its ability to attract customers from other brands, with many trading in small SUVs and compact cars for the midsize pickup.
Bob Jordan, a retired CPA from Ubly, Michigan, exemplifies the growing preference for Ford's hybrid vehicles. After totaling his 2022 Maverick hybrid, Jordan purchased a new 2024 model in April. "At age 77, the former F-150 owner (who also owns a 2018 Ford Focus) says the size of the smaller pickup is easy to handle and getting 42 mpg is a dream," Jordan said. "I don't haul anything anymore. I used to haul wood and a trailer. It's just a really nice little pickup truck."
Ford's strategic focus on hybrid technology, which combines electric motors with gasoline engines, is helping consumers transition from traditional internal combustion engines to more fuel-efficient and lower-maintenance electrified vehicles. This shift is also aiding Ford in meeting tightening federal fuel efficiency standards.
In comparison, Stellantis reported a 21% decline in second-quarter sales, highlighting the varied performance across different automakers. Ford's diverse offerings, particularly in the hybrid segment, have provided a competitive edge. "Nobody offers the wide array of powertrains that Ford offers with its trucks. We have gas, we have record quarterly F-150 hybrids and Maverick hybrids," said Erich Merkle, Ford U.S. sales analyst.
Ford's EV sales for the first half of 2024 reached 44,180 units, second only to Tesla. The F-150 Lightning, Ford's electric pickup, saw a 77% increase in sales in the second quarter, totaling 7,902 units. The Mustang Mach-E also performed well, with a 46% increase in second-quarter sales and a 58% rise for the first half of the year.
Andrew Frick, president of Ford Blue, emphasized the impact of hybrid and electric vehicles on the company's growth. "Hybrid and electric vehicles are driving growth, as are post-purchase experiences, like BlueCruise hands-free highway driving, the Ford Pro Intelligence software platform, and remote vehicle servicing options," Frick said.
Ford's truck segment remains a significant profit center, with the F-Series continuing to be the best-selling truck lineup in America. "Ford is the number one selling pickup manufacturer in the world, and its F-Series truck lineup remains America's best-selling, outselling second place Silverado by 71,000 and Ram by 173,000 trucks through June of this year," the company noted.
