Ford Motor Co. F said on Wednesday that the company sold 10,821 electric vehicles in the U.S. in November, marking a growth of 20.8% from last year, after its Mustang Mach-E SUV sales surged to balance the fall in sales of the F-150 Lightning EV pickup truck.
What Happened: The Mach-E was Ford’s best-selling EV last month in the U.S. with nearly 6,000 units sold. The E-transit electric van also docked significant growth in sales to collectively balance the 17% drop in Lightning sales.
Ford sold just 3,643 Lightning vehicles in November as compared to 4,393 in Nov. 2023. However, Mach-E sales rose from 4,294 to 5,938, and E-Transit sales from 271 to 1,240 units.
ModelNov. 2024 SalesNov. 2023 SalesMustang Mach-E5,9384,294F-150 Lightning3,6434,393E-Transit1,240271Total10,8218,958
Ford said in October that it would halt production of the F-150 Lightning for six weeks from Nov. 18 to Jan. 6 at the Rouge Electric Vehicle Plant.
“We continue to adjust production for an optimal mix of sales growth and profitability,” a company spokesperson told Benzinga about the decision.
The Lightning pickup truck is up against Tesla’s Cybertruck in the U.S. While Tesla sold 16,692 Cybertrucks in the third quarter, Ford sold only 7,162 units of the Lightning, according to data from Kelley Blue Book.
Why It Matters: Ford has a smaller EV lineup in the U.S. as compared to Tesla and General Motors.
In August, Ford said that it is killing its plans to build a three-row electric SUV, initially slated for production in 2025. The company also postponed its plans for a new electric version of its F-150 pickup to 2027 and said it will start making a new electric commercial van in 2026.
For the third quarter, Ford’s EV segment called “Model e” reported an EBIT (earnings before interest and taxes) loss of $1.2 billion after cost improvements were offset by industrywide pricing pressure, taking its loss this year through the end of September to $3.7 billion. The company now expects a full-year EBIT loss of $5 billion from the segment.
Price Action: Ford shares closed down 2.8% at $10.44 on Thursday. The stock is down 14.14% year-to-date, according to data from Benzinga Pro.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Photo courtesy: Ford
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
