Ford experienced a significant increase in U.S. auto sales in May, driven by strong sales of hybrid vehicles and trucks.
In total, Ford sold 190,014 vehicles in May, marking an 11.2% increase from the previous year and a 6.4% increase from April. The company delivered 17,631 hybrid vehicles during the month, with a notable performance from the new F-150 hybrid and Maverick hybrid models.
The Maverick stood out with a nearly 96% increase in sales, selling 13,616 trucks in May. The hybrid version of the Maverick also saw a significant sales jump of 111% with 7,687 trucks sold. Ford reported that Maverick pickup and hybrid sales hit a record high in May.
Additionally, the all-new F-150 pickup, which had previously experienced a drop in sales due to a delayed rollout, rebounded in May. Overall truck sales for Ford climbed 11.2% to 109,143, with total pickup sales increasing by 7.7% to 87,786. Sales of the hybrid version of the F-150 rose by 51% with 5,766 trucks sold.
Ford’s shift from EVs to hybrids seems to be paying off on the sales front, with CEO Jim Farley expressing confidence in the trend.
“We should stop talking about hybrid powertrains as transitional technology,” Farley stated at Bernstein’s Strategic Decision conference.
While Ford’s EV sales continue to show momentum, the company reported 8,966 EVs sold in May, a 64.7% increase compared to the previous year. The Mustang Mach-E SUV saw a sales increase of 45.9%, F-150 Lightning sales went up by 91%, and E-Transit commercial van sales rose by 77%.
Despite the higher sales of Ford’s EVs, the company has had to rely on incentives to drive sales. Following an 86% increase in EV sales in Q1, Ford’s EV unit reported a loss of $1.32 billion in the first quarter and is projected to lose over $5 billion in 2024.
While Ford previously projected reaching profitability for its EV unit by 2026, there have been no recent updates on this timeline. Farley hinted at a profitability date in a recent interview but did not disclose specifics.
In the meantime, Ford is likely to continue focusing on trucks, hybrids, and SUVs. The company reported a 7.4% increase in SUV sales to 67,371 vehicles sold, driven by strong performances from the full-size Bronco (up 18%), Ford Explorer (up 15.1%), and the all-new full-size Expedition (up 16.4%).
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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