Ford trades up on positive EV sales report

Ford trades up on positive EV sales report
© Reuters. Ford (F) trades up on positive EV sales report

By Michael Elkins

Ford (NYSE:F) is up 0.83% in pre-market trading on Thursday following the release of the company’s December EV sales results. The American automaker reportedly sold 7,823 electric vehicles, up 222.6% when compared to the same time last year.

The F-150 Lightning was the No. 1 electric truck in America in December and the best-selling electric truck in the U.S. since its launch in May with 15,617 electric trucks sold. For the year, Ford sold 6,500 E-Transit vans, making it America’s best-selling electric van with a 73% share of the segment. December sales of E-Transit totaled 689. Mustang Mach-E sales climbed 103% in December on sales of 4,775.

“Much was accomplished in 2022,” said Andrew Frick, vice president, Sales, Distribution & Trucks, Ford Blue, “with Ford increasing its share of the industry by 0.7 percentage points. Delivering on our strategy, share expansion came from broad- based growth from our SUV lineup and our all-new EVs growing at twice the rate of the overall EV segment. F-Series was America’s best-selling truck for the 46th consecutive year, outselling our second-place competitor by over 140,000 trucks, and the Bronco family of vehicles increased 51.3 percent. With a strong retail order bank, Ford is well positioned heading into 2023.”

Ford sales of electric vehicles more than doubled in 2022, to 61,575 electric vehicles sold – double the rate of growth for the overall segment. Ford’s electric vehicle sales performance makes it the second largest maker of electric vehicles in the U.S. behind Tesla (NASDAQ:TSLA).