How Many Electric Vehicles (EVs) Has Ford Sold?

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

How many electric cars have Ford Motors sold? Surprisingly, it is a lot less than you think.

For your information, Ford delivered a total of only 89,000 electric vehicles since the electrification roadmap started in 2020.

Of the 89,000 vehicles, about 62,000, or 69% were delivered in 2022.

Keep in mind that Ford has only started delivering all-electric vehicles in 2021.

Prior to 2020, Ford may have delivered some electric vehicles but I did not take that into consideration in this article.

That said, you may be wondering how on earth Ford has delivered less than 100,000 EVs in total while Tesla is on track to reach 3,000,000 EV deliveries on a cumulative basis.

Before diving deeper into the topic of Ford’s EV delivery, let’s take a quick look at the different types of electric vehicles that are in existence today.

After finding out the different types of EVs, you will understand why Ford has only sold that many EVs.

Let’s take a look!

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 both 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.

Plugged-In Hybrid EV (PHEV)

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

Unlike conventional hybrid EVS, the PHEVs can be recharged by plugging into an electric outlet when they are 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.

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 in an electric outlet at home or at a charging station.

The Nissan LEAF and Tesla Model 3/Y fall into this type of EV.

Ford’s BEV Sales Numbers (Quarterly)

Ford’s EV Sales Numbers By Quarter

When it comes to Ford’s electric vehicle sales figures, the numbers actually refer to the BEV or battery electric vehicles that Ford has sold.

Of course, the company has sold plenty of PHEVs and conventional hybrid types. However, these types of EVs come with a gasoline combustion engine and they do contribute to carbon emissions.

In terms of BEVs that contribute zero emissions, Ford delivered about 27,000 units in fiscal 2021 and 62,000 units in 2022 in the U.S.

In Ford’s case, its EV sales figure in 2021 came entirely from only 1 model and that was the Mustang Mach E which the company started delivering in fiscal 1Q 2021.

In 2022, Ford started delivering the E-Transit (a commercial van) and the F-150 Lightning.

However, why have Ford’s EV deliveries been so small?

The reason is that Ford has only started to get serious about EVs in fiscal 2020 and has launched only 3 BEV models, notably the Mustang Mach E, the 2022 F-150 Lightning, and the 2022 E-Transit.

As shown in the following EV roadmap which Ford released in fiscal 2Q 2020, Ford has actually met its target of delivering the Mustang Mach E by the end of fiscal 2020 or early 2021.

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

Other than the Mustang Mach-E, Ford is also working on a battery-electric F-150 Lightning.

Other than the F-150 Lightning pickup, Ford is also on track to delivering the 2022 E-Transit, a commercial van that runs entirely on battery.

Therefore, Ford has 3 all-electric models under its belt in the U.S. as of 4Q 2022.

In the meantime, Ford has started delivering the F-150 Lightning and E-Transit in 1Q and 2Q 2022.

On a side note, Ford actually met its target for all EV models as discussed in the EV roadmap release in 2Q 2020.

Ford’s BEV Sales Numbers (TTM)

Ford EV sales by ttm

The quarterly plot in the prior discussion may not fully depict the growth of Ford’s EV sales.

Therefore, I created the TTM plot above to show the growth trend.

As seen in the plot above, Ford’s total electric vehicle sales reached a massive 62,000 as of fiscal 4Q 2022 on a TTM basis, the highest number ever recorded.

In terms of growth rates, the Q4 2022 figure represents a year-on-year growth of 127%.

Do note that the numbers plotted in the graph above account for only Ford’s BEV sales.

In other words, these numbers exclude sales of conventional hybrid EVs and PHEVs.

Ford’s BEV Sales Breakdown By Quarter

Ford EV sales breakdown

As mentioned, Ford has already started delivering F-150 Lightning and E-Transit in 2022 as promised in its EV roadmap.

As shown in the plot above, Ford delivered only 700 units of E-Transit in 1Q 2022 but this number jumped to a massive 1,379 and 2,113 vehicles in 2022 Q3 and Q4, respectively.

In addition, in Q2 2022, Ford also started delivering the F-150 Lightning and the figure came in slightly over 2,000 vehicles in this quarter alone, a rather impressive result for the first delivery.

This figure shot to 6,857 vehicles in 4Q 2022, representing a growth of 6% from quarter to quarter.

Also, Ford’s Mustang Mach-E delivery jumped to a massive 11,369 vehicles in the latest quarter, nearly doubled that of the same quarter a year ago.

In total, Ford’s BEV delivery reached a record high of 20,000 vehicles on a quarterly basis or 62,000 vehicles on a TTM basis in Q4 2022, a truly amazing achievement for the company.

Ford’s BEV Sales In China

In 2020, Ford has sold some BEVs in China. However, the BEVs model in China, called the Ford Territory BEV, were jointly developed under a joint venture with Jiangling Motors Corporation.

Under the joint venture partnership, Ford does not have a controlling interest in Jiangling Motors Corporation. As such, the sales of the Territory BEV in China will not be recognized directly as revenue for Ford. Instead, the sales will be accounted for as equity income based on the percentage of interest Ford has under the joint venture.

Going forward, Ford will be going retail when it comes to the firm’s electrification push in China.

According to Ford’s 3Q 2021 earning releases, the company is adopting the same sales techniques as Tesla in which a direct-to-consumer approach is used.

In this aspect, Ford has already launched 25 retail stores in major metropolitan areas as of the end of 2021 and is planning to expand to more than 100 stores within 5 years.

According to the 4th quarter earnings release, Ford has managed to deliver the 1st locally-produced Mustang Mach-E in China in December 2021, an important milestone as part of Ford’s electrification ambition in China.

How Many EVs Has Ford Sold?

If we account for all types of EVs, Ford did sell a considerable number of EVs, especially the hybrids and plugged-in hybrids types not only in the U.S. but globally.

Again, Ford did not specifically disclose and break down the number of all types of EVs sold all around the world.

For example, in the U.S. alone, Ford sold roughly 74,000 units of Maverick in fiscal 2022 which included both the EVs and non-EVs models.

Similarly, Ford sold a total of 137,000 units of Ford Escape in the U.S. alone in 2022, and the figure included both the EVs and non-EVs models.

However, in terms of BEV sales, Ford is still far lagging behind major competitors such as Tesla which is expected to deliver 2 million vehicles annually.

Therefore, there are still a lot of catchups for Ford Motors in the electric vehicle race.

Summary

In summary, Ford sold about 27,000 units of BEV in the U.S. in fiscal 2021 which consisted of entirely the Mustang Mach E.

In 2022, Ford has already started delivering other types of BEVs, including the F-150 Lightning and E-Transit.

In the 2022 full year, Ford’s BEV delivery numbered 62,000 vehicles, already more than 100% higher than that of 2021.

Therefore, Ford is meeting its EV roadmap and these deliveries are on schedule despite having a latitude of issues, including COVID-19 and supply chain disruptions.

In the meantime, Ford has only 3 BEV models so far.

I will update this article in the future to reflect the number of BEVs that Ford has delivered in North America and in China.

References and Credits

1. Financial figures in this article were obtained and referenced from financial reports and vehicle sales reports which are available in Ford’s Financials and Filings.

2. 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

Disclosure

The content in this article is for informational purposes only and is neither a recommendation nor a piece of financial advice to purchase a stock.

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