Ford Posts Record Month for Hybrid Vehicle Sales as the Company Also Deals with Decreasing F-150 Sales

2023 Ford Escape Plug-In Hybrid and ST-Line Elite

by Joseph Szczesny | May 2, 2024

Ford Motor Co. set a monthly record for sales of hybrid vehicles during April as its sales slipped last month as sales of the full-size F-150 pickup weakened.

Ford Maverick Hybrid sales helped Ford set another sales record in April.

Despite strong sales of hybrids, EVs, and SUVs by the Lincoln brand and Ford Motor Co. deliveries dropped 2.4% during April as sales of the F-Series pickup dipped last month. in a possible sign that sales of the popular pickup are beginning to slow.

The 129% jump in EV sales, which reflects the steady growth in sales of Transit EV and the 60% increase in sales of the company’s increasingly popular hybrid vehicles, were counterbalanced by a drop in sales of the popular F-Series pickup truck which dropped by 7.2% during April.

Strong hybrid sales put Ford in the fast lane, Maverick shines

The Escape Hybrid is another key piece in Ford’s hybrid powerplay

Ford noted customer reception to Ford hybrid vehicles continues to accelerate, with U.S. sales reaching 17,997 in April, a new monthly record. Sales of the new F-150 PowerBoost Hybrid set a new monthly record in April – up 93.6% – making F-150 Hybrid America’s top-selling full-size hybrid pickup, Ford added. Ford also said in its monthly sales report the first wave of customers for the new 2024 model are electing to upgrade to the available 7.2kW Pro Power Onboard feature, which brings power to a job site, tailgate party, or can power appliances during a local power outage.

Additionally, the Maverick Hybrid is the best-selling hybrid pickup overall; customers bought 26,061 Maverick Hybrid trucks over the first four months of 2024. A majority of the Maverick hybrid customers – 59% – are coming from other brands and segments, notably trading in their small SUVs for a Maverick.

Decline in F-150 sales presents challenge to Ford

F-150 sales dipped in April as softening sales of the truck presented an unexpected challenge

The decline in overall sales of the F-Series is a challenge for Ford, which is dependent on the F-Series for profits, while its EVs continue to lose money. Rival Toyota, the top-selling brand in the U.S., reported an 18% increase in the sales of its Tundra full-size pickup during in April. Neither General Motors nor Stellantis report monthly sales figures, but the drop in F-Series sales could suggest sales of full-size pickups are beginning to soften in the face of rising interest rates.

In a separate report, Veloz, which tracks EV sales in California, said EV sales growth with a 0.67% year-over-year increase in the first quarter. In Q1 2024, 102,507 EVs were sold, compared to 101,826 EVs sold in Q1 2023. California is on pace to reach the two million new light-duty EVs sold milestone in 2024, according to Veloz.

EV sales have consistently grown over the past three years

Globally, EV ownership continues to grow as well. Forecasters predict that EV sales will rise by 20% in 2024. Reports have also found that month-over-month light-duty EV sales in the U.S. have consistently increased for the last three years.