DETROIT – Ford Motor’s U.S. sales jumped 10.5% last month compared with February 2023, led by increases in its hybrid and all-electric vehicles sales.
The Detroit automaker Monday reported sales of 174,192 cars and trucks for February. The results included an 81% jump in EV sales and roughly 32% uptick in hybrid models. Sales of traditional internal combustion engines also increased, up 7.5% from the same month a year earlier.
The spike in hybrid sales is part of Ford’s plan to double down on the technology. The company said hybrid sales totaled 12,045 in February, including 6,463 units of its small Maverick Hybrid pickup.
Sales of EVs for Ford have fluctuated month to month based on demand and pricing. Sales of Ford’s all-electric vehicles last month were up across the board, including a 64.3% increase in its Mustang Mach-E crossover and a nearly doubling in sales of the all-electric F-150 Lightning pickup.
Despite the increases in hybrids and EVs, 89.5% of Ford’s sales last month were traditional cars and trucks in February.
Sales of Ford’s highly profitable F-Series pickups fell by 5.8% last month to 51,829 units. Shipments of new 2024 models of the pickup were delayed due to an undisclosed quality issue, Automotive News reported last month.
Amid quality and warranty issues, Ford CEO Jim Farley has instituted more stringent testing and quality checks during new vehicle launches.
Ford reported total year-to-date sales through February were 311,325 units, a 6.6% increase compared with the same time period a year earlier.
Shares of Ford were up more than 4% during trading Monday morning. Rivals General Motors and Stellantis, neither of which reports monthly sales, were up about 1% each.
Don’t miss these stories from CNBC PRO:
- Instead of chasing Nvidia, investor buys these misunderstood, cheap growth stocks for big returns
- Why Warren Buffett thinks the power of compound interest is the key to his success
- Forget cash — it’s time to move into fixed income, Franklin Templeton strategist says
- Dan Niles reveals why he prefers the ‘Fantastic Four’ and when the ‘AI bubble’ might pop
- Investors should tread carefully in March after bitcoin’s explosive rally to $60,000