Ford Reports Solid Hybrid, EV Sales Growth
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Key TakeawaysFord followed General Motors in reporting strong quarterly sales growth in electric and hybrid vehicles. Hybrid vehicle sales rose to a quarterly record, while EV sales jumped 61%.Pure-play EV makers Tesla and Rivian also posted solid second-quarter deliveries this week.Combined Ford truck sales rose more than 4% to above 300,000.
Ford (F) reported solid second-quarter sales of its hybrids and electric vehicles on Wednesday, with overall sales growth coming in at about 1%.Ford on Wednesday said it sold 536,050 vehicles in the quarter, 0.8% higher than the same period in 2023. Sales of its hybrid Maverick pickup jumped 81%, helping the company hit a record of 53,822 hybrids sold. Sales of the electric F-150 Lightning jumped 77% to 7,902.Combined, Ford truck sales were up 4.5% to 308,920. Total sales of F-Series trucks, the most popular vehicles in the U.S., declined 6.1% to 199,463.Ford's Hybrids, EVs Driving GrowthHybrid and electric vehicles, along with post-purchase add-ons like hands-free highway driving options, are driving growth at Ford, according to Ford Blue President Andrew Frick.Electric vehicle (EV) sales came in at 23,957, a 61% increase. More than half of the gains were produced by the Mustang Mach-E, which saw sales rise 47% to 12,645. It's been a strong week for EV sales. Along with Ford and General Motors (GM), pure-play EV manufacturers Tesla (TSLA) and Rivian Automotive (RIVN) also posted solid quarterly delivery numbers.Ford shares have gained about 5% so far this year. They were little changed in Wednesday's holiday-shortened trading session, closing at $12.85.
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