Ford’s electric vehicle (EV) division has not had a good start to 2024, seeing a significant downturn in its EV sales in January. The company reported an 11% decrease compared to the previous year, attributed to a stark drop in sales of the Ford Mustang Mach-E and a slight decrease in sales of the Ford F-150 Lightning, while the Ford E-Transit van saw a substantial increase in sales.
According to Ford’s January sales report, the Detroit-based automaker sold 4,674 EVs in January, a decline from the 5,247 units sold in the same period last year. This downturn is attributed to several factors, including the significant 51% year-over-year sales drop of the Ford Mustang Mach-E, one of its flagship electric models.
On the other hand, the Ford F-150 Lightning electric pickup and the Ford E-Transit van fared relatively better, with the latter witnessing a substantial 214% increase in sales.
Ford’s strategy to navigate declining sales of its EVs includes adjusting its production plans. Last year the company announced it would be slashing production of the F-150 Lightning at its Michigan Rouge EV plant by 50% for 2024, pivoting instead to ramp up the manufacturing of gas-powered models like the Bronco SUVs and Ranger pickups.
However, while it is not looking good for Ford’s EV division, it’s not all bad news. The company reported a 4.3% increase in total vehicle sales in January, reaching 152,617 units. This growth was help by a 43% jump in hybrid vehicle sales, signaling stonger demand for fuel-efficient alternatives.