Ford Tops Toyota in January Sales, but EV Growth Hits a Snag

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Strong Start for Ford in January Sales: Ford (F) kicked off the year with a robust performance in the US market, outpacing industry giant Toyota (TM) in January sales. The American automaker reported a 4.3% increase in sales, totaling 152,617 vehicles. This achievement propelled Ford’s US market share to 13.7%, a 0.3% rise from the previous year.

Record-Breaking Models Drive Success: The notable contributors to Ford’s success were record-breaking sales of its Maverick compact pickup, reaching an impressive 12,443 units. Overall, trucks and vans exceeded 80,000 vehicles, with Ford estimating a lead of 15,000 units over its closest competitor, General Motors (GM).

Hybrid Sales Surge, EVs Face Challenges: While Ford celebrated a 42.7% surge in hybrid sales, reaching 11,157 units compared to the previous year, electric vehicle (EV) sales encountered a setback. All-electric sales experienced a 10.9% decline year over year, dropping to 4,674 units. Factors contributing to this decline include the expiration of federal EV tax credits for the Mustang Mach-E, adverse weather conditions, range concerns, and higher interest rates.

Jim Farley’s Insights and Outlook: Ford CEO Jim Farley acknowledged the challenges in the EV landscape, emphasizing the need for more competitive pricing to attract mainstream customers. Despite EV setbacks, Farley expressed optimism about hybrid sales, positioning Ford as the second-largest hybrid seller in the US, behind only Toyota. Investors eagerly await Ford’s 2024 outlook and insights into the future of EVs as the company prepares for a potentially breakthrough year.

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