Phil Flynn and Tom Maoli discuss the Biden admin’s push for electric vehicle production when consumers don’t want them, on ‘The Evening Edit.’
Ford Motor Co.’s electric vehicle sales slumped last month as consumer demand for EVs continued to wane, but the automaker still saw higher total vehicle sales, thanks in part to a surge in its hybrid models.
Ford reported it sold 4,674 EVs in January, a 10.9% drop from the 5,247 the company sold the same month a year ago. For comparison, in January 2023, Ford reported it sold over 7,800 EVs the month before – a 223% spike from the prior year.
The corporate logo of Ford is seen at Brussels Motor Show, Belgium January, 9, 2020. (REUTERS/Francois Lenoir / Reuters Photos)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 12.14 | +0.04 | +0.29% |
Still, the automaker saw a 4.3% boost in sales overall last month at 152,617, with a 42.7% increase in hybrid vehicle sales from January 2023.
THE ELECTRIC VEHICLE PUSH RUNS OUT OF POWER
Despite a surge in EV demand in recent years following a push from the Biden administration and manufacturers, consumer interest has leveled off for all-electric models as many consumers balk at making the switch from gas-powered vehicles over concerns such as a lack of charging infrastructure and the higher cost of the vehicles.
Kunes Ford dealership in Delavan, Wisconsin. Ford’s EV sales fell last month on waning demand, but the automaker saw a sharp spike in hybrid sales. (Kunes Auto & RV Group / Fox News)
Hybrid models have now become a “happy medium” for some buyers, because they do not always require a charger, and they tend to be more affordable.
‘WAKE-UP CALL’: EV OWNERS UNABLE TO CHARGE IN DEEP FREEZE
In October, Ford posted greater losses than expected in its EV division, and began scaling back on planned investments and cutting production of its Mustang Mach-E.
Ford CEO Jim Farley attends a Red Bull Racing unveiling of the team’s new Formula One car during a launch event in New York City on February 3, 2023. (ED JONES/AFP via Getty Images / Getty Images)
“We are taking advantage of our manufacturing flexibility to offer customers choices while balancing our growth and profitability,” Ford CEO Jim Farley said in a statement at the time.
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“We see a bright future for electric vehicles for specific consumers, especially with our upcoming digitally advanced EVs and access to Tesla’s charging network beginning this quarter.” Then last month, Ford dialed back production of its electric F-150 Lightning pickup and cut jobs at the Rouge Electric Vehicle Center, where they are built.
