Published on 4 Apr 2024 on Zacks via Yahoo Finance
Ford's (F) U.S. Sales Rise 7% in Q1 on Strong Demand for EVs
Ford F sold 508,083 vehicles in the United States in the first quarter of 2024. The figure rose 7% year over year. F's strategy to provide a wide range of customers by offering freedom of choice across gas, hybrid and electric vehicles (EVs) has driven the company’s sales.
Increasing demand for hybrid trucks and SUVs positioned the automaker to deliver its record quarterly hybrid sales. Ford Maverick continues to attract more customers to the brand. Maverick hybrid became America’s best-selling truck with sales of 19,660 units, up 77% year over year.The legendary automaker sold 38,421 units of hybrid vehicles in the first quarter, up 42% year over year. With more versions of the new F-150 hybrid flowing to the dealers, hybrid sales are expected to flourish. The first quarter of 2024 was Ford’s best-ever quarter for hybrid sales since the company started selling hybrid vehicles.Per Andrew Frick, president of Ford Blue, the new F-150 will play a crucial role for the company across gas, hybrid and electric vehicle segments. The robust performance of the all-new Lincoln Nautilus and Nautilus Hybrid, coupled with the market debut of the latest F-150 and Ranger in March, position the automaker for solid growth momentum in 2024.Ford began the year as America’s best-selling truck manufacturer thanks to strong sales of hybrid vehicles. Maverick outperformed Toyota’s Tacoma to remain America’s best-selling midsize pickup. Among all the buyers of Maverick, nearly 60% are new to the brand.With the commencement of sales of the new F-150 in March, F-Series sold a total of 152,943 units and started the year as America’s best-selling trucks. Super Duty and Maverick year-over-year sales rose 23% and 82%, respectively, in the first quarter.Total sales reached 216,997 units for Ford brand SUVs, rising 15% year over year and reporting its best-ever quarter thanks to robust sales of Explorer SUVs. A total of 58,465 units of Explorer SUVs were sold in the quarter, making it America’s best-selling three-row SUV. Sales of Escape, Bronco Sport and Expedition increased 73%, 6% and 11% from the year-ago period.Lincoln sales rose 31% to 24,894 units. A total of 9,231 units of the all-new Lincoln Nautilus were sold in the first quarter, up 68% year over year, marking a record quarterly sale since its market debut in 2018. Sales of Lincoln Corsair and Aviator increased 56% and 19%, respectively.
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