Ford Motor Company (NYSE: F) is committed to transitioning to electric vehicles, investing billions of dollars for the electrification of iconic models, revamping plants and setting up battery manufacturing units and charging infrastructure.
The strategy is apparently paying off, as is evident from the January sales results Dearborn reported Wednesday.
Ford EV Sales At Record: Ford’s EV sales rose 167.2% year-over-year to 13,169 vehicles in January, Ford said in its monthly sales update.
The company noted that its EV sales rose almost four times faster than the overall EV industry, and its EV market share increased from five points to 10.9 points.
Electrified vehicle sales had their best start ever, with record January sales, Ford said.
“This year represents a turning point for Ford in electrified vehicles, as our electrified portfolio grew at nearly four times the rate of the industry segment, with E-Transit and F-150 Lightning set to hit the market,” said Andrew Frick, vice president of Ford sales in the U.S. and Canada.
Ford said it has received orders for 10,000 units of the electric version of its best-selling Transit van, which goes by the name E-Transit.
Related Link: Ford CEO Jim Farley Sees These 2 Companies As Rivals In EV Race (Hint: GM Isn’t Among Them)
Ford’s Overall Sales Plateau, Retail Orders At Record: Ford’s total January sales remained unchanged year-over-year at 143,531 vehicles, with 8.5% growth in SUV sales offsetting a 4.3% drop in truck sales.
Ford brand sales rose 1.4%, outperforming the overall industry, which saw a 9% drop. Total market share of both Ford and Lincoln brands rose 1.3 points year-over-year to 13.9% in January.
The company noted that its pickup lineups, comprising F-Series, Ranger and Maverick, saw sales of 62,293 units, outselling crosstown rival General Motor Corporation (NYSE: GM)’s entire pickup truck line.
Ford took in over 90,000 new vehicle orders in January, up 71,000 from a year ago and up 20,000 from December.
At last check, Ford shares were down 1.74% at $20.30.
Related Link: Ford Analyst Downgrades Stock: ‘Limited Scope For Positive Surprises’
A Ford Maverick Hybrid XLT. Courtesy photo.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.