While Tesla CEO Musk Cries 'Tough Quarter,' Ford's EVs Charge Ahead With 86% Sales Jump In America
Portfolio Pulse from Anan Ashraf
Ford Motor Co (NYSE:F) reported a significant 86% increase in electric vehicle (EV) sales in the U.S. for Q1 2024, with 20,223 EVs sold, led by the Mustang Mach-E SUV and the F-150 Lightning pickup truck. This growth contrasts with Tesla and GM's reported drops in EV sales for the same period. Ford's price cuts on the Mach-E and its diverse vehicle sales strategy contributed to its success, despite Tesla CEO Elon Musk's claims of a 'tough quarter' for the EV industry.
April 04, 2024 | 6:35 am
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Ford Motor Co reported an 86% increase in U.S. EV sales in Q1 2024, led by strong performances from the Mustang Mach-E and F-150 Lightning, despite the overall automotive industry facing challenges.
Ford's significant sales growth in the EV sector, especially in a quarter where competitors like Tesla and GM saw declines, indicates strong market performance and consumer demand for Ford's EV models. The successful sales figures, particularly of the Mustang Mach-E and F-150 Lightning, alongside strategic price cuts, suggest a positive short-term impact on Ford's stock as it demonstrates the company's competitive edge and adaptability in the rapidly growing EV market.
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