Ford posts double-digit sales gain during May as EV and hybrids attract buyers.
Strong sales helped give Ford a boost during the month of May
Like its Asian rivals, Ford Motor Co. succeeded in warding off the so-called “vibecession” in May by posting a double-digit sales gain and big gains in the sales of battery electric and hybrid vehicles.
GM hints at big EV sales
GM CEO Mary Barra hinted at strong EV sales with new models like the Equinox EV expected to accelerate this trend for the company
Mary Barra, GM’s top executive, also told General Motors annual shareholders meeting that GM’s sales of electric vehicles set a record during May. GM normally reports sales quarterly, but Barra said the Cadillac Lyriq had a very good month, though she offered no specific numbers. However, Barra said she expected EV market share to reach 10% by the end of the year.
Echoing the “EVs are not dead yet” theme, Genesis Motor America is reporting 5,917 total sales in May 2024, representing a 6% increase vs. May 2023 and the brand’s best-ever May U.S. sales performance.
The brand’s strong EV sales momentum continued in May, with 1,005 total EV sales, an all-time monthly record representing 17% of total sales, Genesis officials reported.
Ford shows strong sales results
Ford also posted strong sales in the month of May
Overall, Ford sales climbed 11.2% during May led by strong sales of battery-electric and hybrid vehicles. Ford’s EV sales climbed 64.7% while its hybrid sales increased 64.5%. Lincoln sales also climbed 28%. Sales of Ford trucks, which accounted for more than 57% of the company sales during May climbed 11.2% last month. However, sales of the F-150 pickup, Ford’s best-selling vehicle, dipped 1.6%, suggesting sales may have been hurt by an ongoing model change.
Sales of Ford-branded vehicles trailed behind Toyota-branded vehicles in May and through the first five months of 2024. Ford CEO Jim Farley noted during a conference organized by Bernstein and Company that while Ford is continuing to lose money on its EV sales, it profits on hybrids is holding up well despite the market pressure to reduce vehicle prices.
“A year ago, we were covering the cost premium for a hybrid with the price that customers paid us. We are now. So many of our hybrids in the U.S. are now more profitable than their non-hybrid equivalent. That was not the case a year ago,” Farley said.
More Sales Stories
- March Auto Sales Look Strong – But Affordability Remains an Issue
- Toyota, Honda, and Hyundai Report Strong Sales During May, Electrified Vehicles Leading The Way
- Ford Posts Record Month for Hybrid Vehicle Sales as the Company Also Deals with Decreasing F-150 Sales
Defying expectations
May sales as a whole defied expectations and didn’t slow as many analysts predicted
Overall, analysts and other pundits had expected the combination of soaring prices and high interest rates to begin to hobble sales of new vehicles as the U.S. economy slowed a move towards a potential recession. However, while the economy has slowed, it has not stalled as some observers had predicted.
Ford’s strong showing also comes as it prepares to dedicate the rebirth of the Michigan Central Depot, long a striking symbol of Detroit’s decline, as the new center for the development of software and artificial intelligence linked to automated driving. The cost of the redevelopment and refurbishment of the century-old station is pegged at $1.2 billion and is expected to boost investment across the city and the region.
11% is as close to single digits as you can get, PLUS the F150 results — not a good result at all.
GM happy about EV sales is a joke. They probably were able to sell/ship 2 EVs vs only one last quarter, but record a 100% increase.
The ‘big’ three are becoming irrelevant, fast.
Uh, Dave, we trade in facts on Headlight.News. While we don’t have hard May numbers for GM — which releases sales quarterly — my conversations with execs from Chevy and Cadillac indicate sales are up sharply for existing products. Q1 saw a notable downturn…but that was due to the end of production of the Chevrolet Bolt EV and EUV models and was entirely anticipated. It was also a period when the Blazer EV was subject to a stop/sale and the Silverado EV retail version had yet to be released.
Has GM screwed things up with its Ultium launch? No question. But there are clear signs it is gaining traction, and not just going from 1 to 2.
Significantly, Ford EV sales were up 64% last month.
Paul A. Eisenstein