Dearborn-based automaker Ford Motor Co (NYSE:F) sold 23,957 EVs in the second quarter in the U.S., trumping rival General Motors Co's (NYSE:GM) EV sales but lagging behind EV giant Tesla Inc (NASDAQ:TSLA).
What Happened: Ford sold a total of 23,957 EVs from April to June, marking a 61.4% jump from the corresponding quarter of last year.
The surge in sales was mostly due to the popularity of its Mustang Mach-E SUV of which the company sold 12,645 units. The F-150 Lightning electric pickup truck was the second best-selling EV from the company, followed by its E-transit electric vans.
| Model | Q2 Sales In U.S. |
| Mustang Mach-E | 12,645 |
| F-150 Lightning | 7,902 |
| E-transit | 3,410 |
| Total | 23,957 |
The two best-selling Ford EVs are drawing customers from other brands with over 50% of sales in the first half of the year being new to Ford, the company said. As for the E-transit, three out of every four of its sales this year are from repeat customers, it added.
However, EVs account for merely 4.5% of Ford's total vehicle sales in the country.
Comparing With Rivals: Detroit-based General Motors sold only 21,930 EVs in the quarter in the U.S. despite its larger EV lineup composed of 7 models. Ford trumped its EV sales with just three electric models.
However, both the legacy automakers continue to trail behind Tesla which delivered 443,956 vehicles in the second quarter globally, marking a 4.8% drop from last year but still beating the consensus estimate. Tesla does not segment its vehicle deliveries by geography.
Cheaper Prices Fail To Translate To More Sales: While the Mustang Mach-E is up against Tesla's best-selling Model Y in the mass-market electric SUV segment, its Lightning is up directly against the Cybertruck in the EV truck segment. Both of these Ford EVs, however, are priced below their Tesla counterparts.
While the base model of the Mach-E starts at around $40,000, the Model Y base version starts at around $45,000.
The 2024 Lightning, meanwhile, has a base version starting at $62,995, much below the Cybertruck whose lower-priced version now starts at $79,990. While Tesla plans to introduce a lower-priced rear-wheel drive version of the Cybertruck starting at $60,990, it will only be available in 2025.
However, the cheaper prices are thus far unable to bring about larger customer interest in Ford vehicles as compared to corresponding Tesla offerings.
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