Electric Vehicle Sales Surge
Ford experienced significant electric vehicle (EV) sales growth, with a 41.0% increase in the first quarter. The company sold 10,866 EVs, including 4,291 F-150 Lightning pickups and a 62.7% increase in E-Transit sales by Ford Pro. However, Mustang Mach-E sales declined due to downtime at the production plant.
Leading Truck Manufacturer
Outselling GM by approximately 27,000 vehicles, Ford is the leading truck manufacturer in America. Sales of trucks and vans rose by 19.6%, driven by a 21.1% increase in F-Series pickups and an 86.0% surge in Ford Pro's Transit van sales.
New Product Launches Fuel Momentum
Andrew Frick, Ford's vice president of sales distribution and trucks, credited the company's sales growth to strong customer demand in truck, SUV, and EV segments. Anticipated Super Duty, Escape, Mustang, and Ranger product launches will further boost this momentum.
Expanding Production Capacity
Ford plans to add a third crew at its Kansas City Assembly Plant in April to support ongoing growth, boosting production of the best-selling Transit and E-Transit vans. Ford is also increasing production at plants across North America for vehicles such as the Mustang Mach-E, F-150 Lightning, Bronco Sport, and Maverick.
Ford Shares Down in Mid-Day Trading
Despite the positive sales report, Ford's shares (F) experienced a 1.30% decline in mid-day trading on Tuesday.