In a recent interview with Yahoo Finance, Ford CEO Jim Farley expressed confidence in Ford’s electric vehicle (EV) business trajectory, highlighting the significant role of hybrids in advancing electrification efforts. Farley revealed that in the U.S., pure EVs account for approximately 8% of total sales, with hybrids contributing a double-digit percentage. He emphasized the growing popularity of hybrids, stating, “We expect hybrids to continue to grow; it’s been a great story for us.” Farley disclosed that Ford has experienced a remarkable 30% year-over-year increase in sales of electric, hybrid, and plug-in vehicles, surpassing the milestone of over 300,000 units sold.
Ford’s strategic focus includes the development of smaller and midsize EV models tailored to meet the diverse needs of EV buyers. Notably, the company recently announced the cancellation of a full-size three-row EV SUV project in favor of concentrating on the production of a midsize EV pickup truck.
In the realm of trade policy, Farley addressed the potential impact of tariffs, commenting, “We think this will play out over the next couple of months.” He highlighted Ford’s readiness to navigate a post-tariff landscape, leveraging its substantial manufacturing presence in the U.S. However, it is worth noting that Ford also manufactures certain vehicles, such as the Mustang Mach-E, in Mexico.
Ford’s robust performance in the U.S. market was underscored by an 8.8% surge in sales during the fourth quarter compared to the previous year, driven by a notable 21.1% increase in F-Series sales. For the entire year, Ford reported a 4.2% rise in U.S. sales, totaling around 2.079 million vehicles.
The “electrified” segment of Ford’s vehicle lineup, encompassing hybrids and fully electric models, experienced a remarkable 38% surge in 2024, with sales reaching 285,291 units. Hybrid vehicle sales constituted the majority of this figure, achieving a record-breaking 187,426 units, representing a substantial 40% growth over the previous year. Notably, sales of the Maverick hybrid pickup contributed significantly to this success.
Pras Subramanian, a distinguished reporter for Yahoo Finance, provides in-depth coverage of these developments. For the latest updates on financial earnings, analysis, whisper numbers, and corporate news, stay informed by visiting Yahoo Finance for comprehensive coverage of the latest financial and business developments.
