Ford sales jump slightly on better truck, EV demand

Ford saw sales rise slightly over the second quarter, benefiting from higher truck demand and the continued growth of its hybrid and all-electric vehicles.

How did Ford do?

• Ford sold 536,050 units between April and June, roughly 1% more than than the same time last year.

• Performance varied heavily between segments. For example, year-over-year sales of Ford’s EV and hybrid models jumped about 61% and 56%, respectively, while the company’s internal combustion engine (ICE) sales dropped 5%. Standing at 53,822 units, the automaker’s hybrid sales also set a new quarterly record.

• That doesn’t mean that Ford lost ground in the gas-powered car market, however. The brand’s truck sales, its top performing segment, improved 5% from 2023, a difference of about 13,318 units. The 308,920 pickups sold during Q2 this year represents the highest volume for the period since before the COVID-19 pandemic.

A closer look

• To an extent, Ford’s numbers also underline the heightened focus on affordability in today’s market, which has led buyers to shop for smaller, less expensive models. As a result, the automaker saw car sales rise 28% while its SUV sales declined 5%. However, the former percentage only equates to around 3,000 additional units.

• Ford’s luxury brand, Lincoln, also saw sales rise throughout the quarter. The subsidiary sold nearly 23,923 units, up roughly 19% year-over-year, with only the Navigator seeing a sales decline (27%).

Bottom line: With Q2 being better than expected, automakers can look forward to continued success for the remainder of 2024. At the same time, given that the last two quarters have been relatively stable, it does not appear that car sales will make any dramatic moves between now and next year. If automakers want to drive sales up more, then they will have to implement more aggressive incentives to boost demand.

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