Ford has put every effort into converting the fleet to electric, and it is paying off big. America’s best-selling automaker continues to see strong demand for its EV models as sales grew another 307% in August.
For over a century, Ford has led the American automotive industry to new heights. Henry Ford revolutionized the industry, introducing the first moving assembly line in 1913 to increase production.
After that, the company made the first truck ever, the Ford Motel TT, in 1915. 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 electric cars. It started with the December 2020 Mustang Mach-e, an electric twist on the longtime muscle car favorite. After that, Ford introduced an electric version of its commercial van, the E-Transit, a firm favorite in the industry.
To dig deeper into the EV market, Ford introduced the F-1[ads1]50 Lightning, an all-electric pickup, to join the ever-popular f-series. Deliveries began in May 2022, and by August Ford had delivered its electric car to all 50 US states. The company is now struggling to keep up as more and more orders come in.
James Farley, Ford’s CEO, commented on the positive response from consumers during the second quarter earnings call in late July, explaining:
Now we have been overwhelmed by the demand for our first-generation electric cars, the Mustang Mach-E, Lightning and E-Transit. These products are on the market now and we have strong multi-year order books. We sell them as fast as we can make them.
Ford looks set to reach a driving rate of 60,000 EVs by the end of next year, while increasing that to 2 million by 2026. That said, Ford is locking in deals for critical battery minerals with suppliers like CATL to ensure it can reach their goals.
Ford EV sales more than quadrupled in August, extending its winning streak
After initially selling out, Ford reopened orders for the F-150 Lightning in early August with new prices and updated colors. And then 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 out on dealer lots in just eight days, its fastest-turning vehicle. The electric car sold 2,373 in August, 200 more than in July.
The Mustang Mach-e, on the other hand, is in demand despite being on the market for over a year now. Mach-e sales reached 3,120, an increase of 115% from August 2021. Still, orders for the new Mach-e reached record levels of over 7,800 in the month.
Ford’s commercial EV van dominates the market with over 90% share. The car manufacturer sold 404 E-transits in August.
Feedback has been impressive so far, with Ford claiming second place in the US EV sales market in August. Here is an overview of Ford’s EV sales to date for 2022.
- Ford F-150 lighting – 6,842
- Mustang Mach-e – 25,765
- E-Transit – 3,938
Although interest rates are rising and the prices of models are rising, Ford’s electric car sales are not slowing down. August shows that there is a great demand for electric cars, and car manufacturers are still struggling to keep up.
Ford has made a solid case for itself over the past year as a genuine electric car contender. With nearly every legacy automaker and EV startup chasing Tesla at this point for market share, Ford looks set to build on its success so far.
With the successful introduction of the F-150 Lightning, Ford is claiming a critical market for electric vehicles.
Ford has mentioned that it will focus on converting a few key models (such as the Explorer, Maverick and Ranger) that already sell well within 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 upstarts in that it can shift cash from traditional car sales to fuel growth in its electric models.
I will be interested to see how the market reacts when new electric cars are introduced. Rivian is increasing production of its R1T, while Tesla’s cybertruck will reach production in 2023.
The old vs. the new – who will come out on top? I wouldn’t be surprised to see Ford hold its own with nearly 100 years of truck building experience. Then again, electric is a different ball game. We’ll see.
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