Ford Hybrid Sales Increase in January But EV Sales Decline
Although consumer demand for electric vehicles (EVs) continued to decline last month, the carmaker experienced higher total vehicle sales, partly due to a spike in sales of its hybrid models.
Ford announced that it sold 4,674 electric vehicles in January, a 10.9% decrease from the 5,247 vehicles it sold in the same month last year. In contrast, Ford stated in January 2023 that it had sold over 7,800 EVs the previous month, a 223% increase over the same period the previous year.
Nevertheless, the carmaker’s total sales increased 4.3% to 152,617 last month, with sales of hybrid vehicles rising 42.7% from January 2023.
When the electric vehicle runs out of power, the push
Consumer interest in all-electric models has leveled off despite a surge in demand for EVs in recent years due to push from the Biden administration and manufacturers. This is because many consumers are reluctant to switch from gas-powered vehicles due to concerns about things like infrastructure for charging and higher vehicle costs.
Because they are usually less expensive and don’t always need a charger, hybrid devices are now considered a “happy medium” by some consumers.
EV OWNERS UNABLE TO CHARGE IN DEEP FREEZE: A “WAKE-UP CALL”
Ford’s EV division posted higher-than-expected losses in October. As a result, the company started to reduce its planned investments and stop producing the Mustang Mach-E.
In a statement at the time, Ford CEO Jim Farley stated, “We are utilizing our manufacturing flexibility to offer customers choices while balancing our growth and profitability.”