Ford Electric Vehicle Sales In The U.S. And Globally

Ford Mustang Mach-E. Image source: www.ford.com.

This article presents Ford Motor (NYSE: F) U.S. and worldwide EV sales.

For your information, Ford Motor only started getting serious about EV in fiscal 2020. Before 2020, Ford may have experimented with some electric vehicles, but it is not the focus of this article.

Being a latecomer, Ford Motor’s EV deliveries are far behind Tesla’s. Based on the latest results, Tesla is approaching 2 million productions and deliveries.

In contrast, Ford’s U.S. annual EV sales totaled only 72,600 units in fiscal year 2023, while delivering slightly over 165,000 BEVs globally in the same period.

Let’s delve into the numbers in more detail.

Investors interested in a bigger picture of Ford’s sales and market share may find more resources on this page: Ford global sales and market share.

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Vehicle Wholesale: Ford’s vehicle wholesale includes all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships or others, units manufactured by Ford that are sold to other manufacturers, units distributed by Ford for other manufacturers, and local brand units produced by our China joint venture, Jiangling Motors Corporation, Ltd. (“JMC”), that are sold to dealerships or others.

Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option (i.e., rental repurchase), as well as other sales of finished vehicles for which the recognition of revenue is deferred (e.g., consignments), are also included in wholesale unit volumes.

Ford’s vehicle wholesale excludes transactions between Ford Blue, Ford Model e, and Ford Pro segments.

Mustang Mach-E: The Ford Mustang Mach-E is an electric SUV manufactured by Ford Motor Company. It was introduced in 2019 and is the first vehicle under the Mustang brand name since the original Mustang was introduced in 1964.

The Mach-E is designed to be a high-performance electric vehicle with a range of up to 300 miles on a single charge and can accelerate from 0 to 60 mph in as little as 3.5 seconds. It also features several advanced safety features and a sleek, modern design that appeals to many consumers.

Ford F-150 Lightning: The Ford F-150 Lightning is an all-electric version of the popular Ford F-150 pickup truck. It features a dual-motor setup that delivers instant torque, impressive acceleration, and a range of up to 300 miles on a single charge.

The truck is designed with practicality in mind, with a spacious and versatile interior and a range of useful features like a built-in power generator and a large front trunk. Overall, the Ford F-150 Lightning is a unique and exciting addition to the electric vehicle market, offering the power and performance drivers expect from a pickup truck and the environmental benefits of an all-electric drivetrain.

E-Transit: Ford’s E-Transit is an all-electric version of the popular Ford Transit cargo van. It has a range of up to 126 miles on a single charge and will be available in multiple configurations to suit various commercial needs. The E-Transit is designed to be a zero-emissions vehicle, making it an ideal choice for businesses looking to reduce their environmental footprint while still enjoying the performance and functionality of the Transit.

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Ford EV Strategy

Ford Motor Company’s strategy for electric vehicles (EVs) is a comprehensive plan to transform its product lineup to embrace electrification, meet growing consumer demand for EVs, and contribute to the global effort to reduce carbon emissions. Here are the key elements of Ford’s EV strategy:

1. **Investment in Electrification**: Ford has committed significant financial resources to its electrification efforts. The company plans to invest over $30 billion in electric vehicles by 2025. This investment covers research and development, production facilities, and the creation of an ecosystem around EVs, including charging solutions.

2. **Expanding EV Lineup**: Ford is aggressively expanding its range of electric vehicles. The Mustang Mach-E, an all-electric SUV inspired by the iconic Mustang lineage, is part of Ford’s strategy to electrify its most popular models. The Ford F-150 Lightning, an electric version of the best-selling pickup truck in America, demonstrates Ford’s commitment to electrifying its core products. The company also introduced the E-Transit, an electric version of its popular cargo van aimed at commercial customers.

3. **Global Electrification**: While Ford’s electrification efforts are particularly focused on the North American market, the company is also making strides in electrification globally. Ford is working on offering electric vehicles in Europe and China, two of the largest markets for EVs, adapting its strategy to meet local regulations, consumer preferences, and market conditions.

4. **Battery Technology and Supply Chain**: Understanding the critical role of batteries in the EV market, Ford is investing in battery technology development and securing its supply chain. The company announced plans for battery development centers and is exploring partnerships and joint ventures with battery manufacturers to ensure a steady supply of high-quality batteries for its EVs.

5. **Software and Services**: Beyond the vehicles themselves, Ford focuses on the software and services that can enhance the EV ownership experience. This includes over-the-air updates to improve vehicle software over time, mobile apps for managing charging and vehicle functions, and FordPass, a platform that provides access to charging networks.

6. **Sustainability and Circular Economy**: Ford’s EV strategy aligns with its broader sustainability goals. The company aims to reduce emissions through electrification, incorporate recycled materials into its vehicles, and explore models for the circular economy, such as battery recycling and reuse.

7. **Collaborations and Partnerships**: Ford recognizes the importance of collaborations in accelerating its EV strategy. The company has entered into several partnerships, including with Volkswagen for EV platform sharing and Rivian for electric vehicle technology. It’s also part of the Ionity consortium in Europe to expand high-speed charging networks.

In summary, Ford Motor Company’s EV strategy is a multi-faceted approach that includes significant investment, expanding its EV lineup, focusing on battery technology and supply chain, enhancing software and services, committing to sustainability, and engaging in strategic partnerships. This strategy reflects Ford’s ambition to be a leader in the electric vehicle market while contributing to the global transition to more sustainable transportation.

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Electric Vehicle Types

There are a few types of EVs in existence today, and they are shown below:

1. Conventional hybrid EVs
2. Plugged-in hybrid EVs (PHEVs)
3. Battery electric vehicles (BEVs)

Conventional Hybrid EV

Conventional hybrid EVs, such as the popular Toyota Prius, run on electricity and gasoline. This type of EV consists of a gasoline engine with an electric motor and, of course, a battery.

However, conventional hybrid EVs can only be charged when the vehicles are running, using the regenerative braking concept that converts kinetic energy into electricity. While they are idling, they can’t be plugged in and recharged.

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Plugged-In Hybrid EV (PHEV)

The plugged-in hybrid EVs are similar to conventional hybrid EVs in that they run on electricity and gasoline and have an electric motor with a battery.

Unlike conventional hybrid EVs, the PHEVs can be recharged by plugging into an electric outlet when idling. In addition, the PHEVs can also be recharged by using the regenerative braking concept when they are on the road.

The Chevy Volt built by General Motors is an example of a PHEV.

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Battery Electric Vehicle (BEV)

The BEVs are fully electric vehicles that run exclusively on electricity via onboard batteries. These types of EVs do not have a gas combustion engine. Instead, the BEVs are powered entirely by an electric powertrain that produces no emissions.

BEVs can only be recharged by plugging them into an electric outlet at home or a charging station. The Nissan LEAF and Tesla Model 3/Y fall into this type of EV.

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BEV Roadmap

Ford EVs development roadmap. Source: Ford’s 2Q 2020 earnings release

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The definitions of Ford’s Mustang Mach-E, F-150 Lightning, and E-Transit are available here: Mustang Mach-E, F-150 Lightning, and E-Transit.

Ford has committed to an all-EV rollout in fiscal 2020 and has launched only 3 BEV models: the Mustang Mach E, the 2022 F-150 Lightning, and the 2022 E-Transit.

According to the EV roadmap, Ford has successfully delivered all its EV models, including the Mustang Mach E, F-150 Lightning, and E-Transit, on time.

The 2022 E-Transit is a commercial van that runs entirely on battery while the F-150 Lightning is an electric pickup truck.

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BEV Sales By Year

Ford EV sales numbers by year

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The definitions of Ford’s Mustang Mach-E, F-150 Lightning, and E-Transit are available here: Mustang Mach-E, F-150 Lightning, and E-Transit.

Ford sold 72,600 EVs in the U.S. in fiscal 2023, up 18% over 2022. In fiscal 2022, Ford’s total EV retail volume in the U.S. landed at nearly 61,600 units, which was more than double the previous year.

Ford only started delivering the E-Transit and F-150 Lightning electric pickups in 2022. Before 2022, Ford had only the Mustang Mach-E to deliver.

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BEV Sales By Year In Percentage

Ford EV sales numbers by year in percentage

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Ford’s BEV sales of 72,600 units in fiscal 2023 represent only 3.64% of its U.S. retail volume, slightly higher than 3.3% in 2022.

Although BEV makes up only a small portion of Ford’s U.S. sales, it has significantly risen from 0.0% in 2020 to 3.64% as of 2023.

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BEV Sales By Quarter

Ford EV sales numbers by quarter

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Ford Motor sold 20,000 battery electric vehicles in the U.S. in the first quarter of fiscal year 2024, roughly double the number from a year ago.

On average, Ford’s quarterly retail volume of BEV in the U.S. has amounted to 19,000 units between 1Q 2023 and 1Q 2024.

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BEV Sales By TTM

Ford EV sales numbers by ttm

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On a TTM basis, Ford’s electric vehicle sales in the U.S. has continued to ramp, reaching a record figure of 82,000 units as of 1Q 2024, up 26% from a year ago.

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Growth Rates Of U.S. EV Sales

Ford-U.S.-EV-sales-growth-rates

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Since fiscal year 2023, Ford’s BEV sales growth in the U.S. has significantly slowed. As of 1Q 2024, Ford’s retail volume of BEV in the U.S. grew 27% year-on-year, a much lower figure than the 129% measured a year ago.

Since 2022, Ford’s BEV sales growth in the U.S. has gone from triple digits to low double digits.

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BEV Sales By Model

Ford EV sales by model

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The definitions of Ford’s Mustang Mach-E, F-150 Lightning, and E-Transit are available here: Mustang Mach-E, F-150 Lightning, and E-Transit.

As of 1Q 2024, Ford retailed only three BEV models in the U.S.: Mustang Mach E, F-150 Lightning, and E-Transit.

The Mustang Mach-E has been Ford’s most popular electric vehicle model, with sales averaging around 10,000 units per quarter in 2023.

Ford’s retail volume for the F-150 Lightning has averaged 6,400 units each quarter since 1Q 2023, while the E-Transit has amounted to 2,100 units per quarter on average.

In 1Q 2024, Ford’s retail sales of the Mustang Mach-E topped 9,600 units versus 7,700 units for the F-150 Lightning. Ford shipped just 2,900 E-Transit in 1Q 2024, the lowest among all three electric vehicle models.

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U.S. Best-Selling Electric Vehicle Model

Ford best-selling EV in the U.S.

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The definitions of Ford’s Mustang Mach-E are available here: Mustang Mach-E. The Mustang Mach-E has been Ford’s top-selling electric vehicle in the United States for many years.

In fiscal 2022, Ford sold 39,500 Mustang Mach-E, and this figure reached 40,800 units by the end of 2023.

Collectively, Ford’s sales of Mustang Mach-E in the U.S. totaled 107,400 as of 4Q 2023.

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U.S. Sales By Powertrain

Ford U.S. sales by powertrain

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As shown in the chart above, most of Ford’s vehicle sales in the U.S. are internal combustion type.

Ford sold over 1.8 million and 1.7 million ICE vehicles in fiscal 2023 and 2022, respectively, a relatively high number compared to electric and hybrid vehicles.

Ford’s electric vehicle sales in the U.S. arrived at 72,600 units as of 2023, while hybrid vehicle sales reached 133,700 units in the same period.

All of Ford’s vehicle types experienced sales growth in 2023. For example, Ford’s ICE sales were up 6%, while BEV and hybrid sales gained 18% and 25% over the same period in 2022.

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U.S. Sales By Powertrain In Percentage

Ford U.S. sales by powertrain in percentage

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Ford’s sales of internal combustion engine vehicles in the U.S. accounted for 89.7% and 91.0% of the company’s U.S. total retail volume in 2023 and 2022, respectively.

On the other hand, Ford’s BEV sales made up only 3.6% and 3.3% of its total U.S. retail volume. Hybrid vehicle sales were slightly higher, at 6.7% and 5.7%, in fiscal 2023 and 2022, respectively.

Having committed to all-electric, Ford’s BEV and hybrid sales in the U.S. are seriously low compared to fossil-fueled vehicles. Together, they formed 10.3% and 9% of the U.S. total retail volume in 2023 and 2022, respectively.

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Worldwide EV Sales By Year

Ford-worldwide-EV-sales-by-year

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The definition of Ford’s vehicle wholesale is available here: vehicle wholesale.

Ford delivered 165,000 and 128,000 battery electric vehicles globally in fiscal 2023 and 2022, respectively.

The 2023 global delivery of 165k electric vehicles represents an increase of 29% over 2022.

Ford’s global BEV deliveries in 2023 and 2022 are significantly higher than its U.S. BEV sales in the same periods.

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Worldwide EV Sales By Quarter

Ford-worldwide-EV-sales-by-quarter

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The definition of Ford’s vehicle wholesale is available here: vehicle wholesale.

Ford delivered only 16,000 battery electric vehicles globally in 1Q 2024, down 24% from a year ago.

Ford’s worldwide BEV sales in 4Q and 3Q 2023 came in at 49,000 and 48,000 units, respectively, which were much higher than the sales in the first quarter of 2024.

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Worldwide EV Sales By TTM

Ford-worldwide-EV-sales-by-ttm

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The definition of Ford’s vehicle wholesale is available here: vehicle wholesale.

As of 1Q 2024, Ford Motor delivered 160,000 battery electric vehicles globally on a TTM basis, up 26% from a year ago.

A noticeable trend is Ford’s rising global EV sales since 2022, which have gone from 128 thousand vehicles in 4Q 2022 to 160 thousand vehicles as of 1Q 2024.

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Worldwide EV Sales In Percentage

Ford-worldwide-EV-sales-in-percentage

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Ford Motor’s global BEV sales accounted for 3.7% of the company’s worldwide vehicle volume as of 1Q 2024, up slightly from the 2.9% a year ago.

This ratio has steadily been on the rise since 2022, demonstrating Ford’s growing EV sales worldwide.

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Summary

Ford’s sales of battery electric vehicles in the United States and worldwide account for only a small fraction of the company’s total vehicle volume.

Besides, Ford’s BEV sales are seriously behind Tesla and Chinese EV makers such as Nio, Xpeng, and Li Auto.

Investors interested in vehicle sales of Nio, Xpeng, and Li Auto may find more information on this page: Nio, Xpeng, and Li Auto vehicle sales.

Therefore, Ford still has a lot of work to do to catch up in the electric vehicle race.

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References and Credits

1. All vehicle sales and financial figures presented in this article were obtained and referenced from Ford’s earnings release, SEC filings, and vehicle sales reports, which are available in Ford’s Financials and Filings.

2. Ford’s ev strategy is referenced and obtained from multiples sources, including Ford’s websites: Ford EV lineups and all about Ford EVs.

3. Featured images in this article are used under the Creative Commons license and sourced from the following websites:
(a) Challenge Bibendum
(b) Ford Electric
(c) Comparing Electric Vehicles

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Disclosure

References and examples such as tables, charts, and diagrams are constantly reviewed to avoid errors, but we cannot warrant the total correctness of all content.

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