In a recent Twitter thread, an individual known as CarDealershipGuy claimed that Ford’s electric vehicle sales were experiencing a significant slowdown. Citing a Ford insider, the host of his namesake podcast relayed that dealerships were allegedly refusing allocations for the Mustang Mach-E in large numbers, the Ford’s electric van E-Transit was struggling, and Lightning pickup truck buyers were not following through with their reservations.
Another anonymous individual claiming to work in sales at a Ford dealership corroborated the slowdown in Mach-E sales to CarDealershipGuy and claimed that around 50% of Lightning reservation holders were not picking up their vehicles.
Adding to the intrigue, a private chat of a certain Mike Dimick shared an intriguing observation about a parking lot in a Southern California beach city. The parking lot, which was previously used by office workers, has been mostly vacant since the pandemic. However, recently, a significant number of Ford Mustang Mach-E electric vehicles, estimated to be worth over $5 million, appeared in the lot. The Twitter user questioned why such a large quantity of vehicles would be parked there.
These claims contrast the tweet by Ford’s North America Product Communications director, Mike Levine, who stated that Ford’s electric vehicle sales were actually growing, with the Mustang Mach-E showing an impressive 110% increase in sales in June compared to the same period last year.
The thread comes as Ford released its second quarter performance, reportedly experiencing a 9.9% increase in sales compared to the previous year, with the company attributing the growth to the impressive sales performance of its F-Series trucks.
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The Detroit automaker announced that it sold 531,662 vehicles between April and June, surpassing the subdued sales of 483,688 cars and trucks in the same period last year, which were hampered by supply chain challenges.
The F-Series trucks played a significant role in Ford’s success, recording a remarkable 34% surge in sales compared to the prior year. Of particular note was the all-electric version of the F-150, which witnessed sales more than doubling to 4,466 units sold.
Trucks remain a vital component of Ford’s profitability, and the company reported a 23% increase in overall truck sales during the first half of the year compared to the corresponding period in 2022. This growth can be attributed to the introduction of the all-new Super Duty trucks and increased production of other models.
Andrew Frick, Ford’s Vice President of Sales, Distribution, and Trucks, expressed his satisfaction with the company’s performance, stating, “Ford achieved the status of the best-selling brand and truck for six consecutive months this year, thanks to the success of the F-Series, vans, our new Escape, and the F-150 Lightning. Our electric vehicle sales continue to thrive, with the improved inventory flow of the Mustang Mach-E resulting in a 110% increase in sales in June.”
However, Ford’s electric vehicle sales experienced a slight decline of 2.8% during the quarter, with 14,843 vehicles sold. This decrease can be attributed to limited supplies of the Mach-E, which was affected by a factory overhaul aimed at increasing production. Ford has prioritized expanding its electric vehicle lineup and aims to achieve profitability in its EV business by the end of 2026.
While electric vehicles represented only 2.8% of Ford’s total sales in the second quarter, traditional internal combustion engines continued to dominate with approximately 91% of sales. Hybrids accounted for 6.5% of total sales, indicating a growing interest in alternative powertrain options among consumers.
Information for this story was found via CNBC and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
