Ford Motor Company’s sales were up in December as a 223% spike in electric vehicle sales helped expand market share in 2022 for the second-largest US automaker.
Company sales of electric vehicles more than doubled last year, with 61,575 vehicles sold making Ford the second-largest builder of electric vehicles behind Elon Musk’s Tesla while helping expand Ford’s overall share of the market by 0.7 percentage points in 2022, according to a company report on Thursday. Conquesting sales were over 60%, also helping the automaker expand market share.
Andrew Fick, Ford’s VP of sales, distribution and trucks said, “Delivering on our strategy, share expansion came from broad-based growth from our SUV lineup and all our new EV’s growing at twice the rate of the overall EV segment.”
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The Ford F-Series outsold its second-place competitor the Chevy Silverado by 140,000.
Sales for the Ford F-Series reached 653,957 in December to make the line America’s best-selling truck for the last 46 years in a row and its best-selling vehicle the last 41 straight.
Also in December, overall sales were up 3.2% from the same month last year, rising to 179,279 units. Sales for the Mustang Mach-E jumped 103% and sales of the Ford Bronco kicked up nearly four percentage points from November.
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Ford it betting heavily on electric vehicles. The automaker has committed over $50 billion to electrify its lineup with new products and the factories needed to build them.
In September, the company broke ground on a $5.6 billion electric truck factory in Stanton, Tenn. The campus is scheduled to begin production of electric trucks and batteries in partnership with Korea’s SK On in 2025. The factory will build a next generation F-Series “electric pickup that’s different than” the current F-150 Lightning, Ford CEO Jim Farley said in April.
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In March, Ford split its core business into the Ford Blue division, dedicated to internal combustion engines (ICE) and hybrid vehicles, and the Model e division, which is focused on fully-electric products like the F-150 Lightning and Mustang Mach- TO.
The division highlights Ford’s commitment to continue to pursue both paths in contrast to some competitors, like General Motors and Volkswagen, who have committed to all-electric futures in the US It has even given its dealers the option of just selling ICE models if they do not want to make the investments required to support EV sales.
“We’re investing in ICE segments where we’re dominant and where we think, as competitors leave the segments, we can actually grow,” Farley told FOX Business in September.
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Additional reporting from Gary Gastelu.