Ford (F) announced robust second-quarter sales figures on Wednesday, driven by strong performances in its hybrid and electric vehicle (EV) segments, alongside steady growth in overall vehicle sales.
During the quarter, Ford reported sales of 536,050 vehicles, marking a modest 0.8% increase compared to the same period last year. Key highlights included a significant surge in sales for its hybrid models, particularly the Maverick pickup, which saw an impressive 81% jump. The company also achieved a record number of hybrid sales, totaling 53,822 units. Sales of the electric F-150 Lightning also saw a notable increase, rising 77% to 7,902 units.
In the truck segment, Ford reported a 4.5% increase in sales to 308,920 vehicles. However, sales of the F-Series trucks, renowned as the top-selling vehicles in the U.S., experienced a slight decline of 6.1% to 199,463 units.
According to Ford Blue President Andrew Frick, the growth in hybrid and EV sales, coupled with enhancements like hands-free highway driving options, has been instrumental in driving overall sales growth for the company.
Specifically, Ford’s EV sales totaled 23,957 units, marking a significant 61% increase from the previous year. The Mustang Mach-E contributed significantly to this growth, with sales rising by 47% to 12,645 units.
The positive performance in EV sales aligns with a strong week for the EV sector, with both traditional automakers like Ford and General Motors (GM), as well as pure-play EV manufacturers like Tesla (TSLA) and Rivian Automotive (RIVN), reporting solid quarterly delivery numbers.
Despite the positive sales figures, Ford’s share price saw minimal movement in Wednesday’s abbreviated trading session, closing at $12.85. Year-to-date, Ford shares have gained approximately 5%.
