Ford secures second in US EV sales after a record Q4 and year in 2023

Ford remained the second top selling EV brand in the US, behind only Tesla, after selling nearly 26,000 EVs in Q4. The was America’s best selling electric truck in 2023, while the Mustang Mach E had its best sales year yet. Ford sold a record 25,937 electric vehicles in the of 2023, up 24% over the third quarter.

The American automaker sold a total of 72,608 EVs in 2023 (+18% YOY), a new record. The growth was enough to remain the second top selling EV brand behind Tesla. After electric truck sales soared nearly 75% in Q4, Ford’s F 150 Lighting was the best selling electric truck. Ford sold 11,905 Lightning models in Q4 for a total of 24,165 in 2023.

The was the second best selling electric SUV in the US, with 40,771 units sold last year, another record. Ford’s E Transit was the best selling electric van, with sales of 7,672 in 2023 (+18% YOY). “I am especially proud Ford remained the No. 2 EV brand in America,” Ford’s CEO Jim Farley said.

Ford edged out GM, which , down slightly from the previous quarter. GM ended production of its as it ramps production of its Ultium vehicles. Hyundai, which doesn’t provide an exact breakdown, IONIQ 5 and IONIQ 6 EVs last year, a record of its own. However, these numbers don’t include the Kona electric.

With Kia and the Kona EV included, Hyundai Motor Group likely topped Ford in EV sales last year. As demand continues building for the Lightning electric truck, Ford spokesperson Martin Gunsberg told the company is “making adjustments to pricing, production, and trim packages.” 2024 start at $54,995, $5K higher than last year’s base model.

The entry level features up to 240 miles EPA est range. Other trims, except the Platinum, saw increases between $2K (Lariat 320 mile range) and $7,500 (XLT 240 mile range). The Platinum trim is the only model receiving a price cut. It will be $7,000 lower than last year’s model. The Platinum Black is $5,000 less than the 2023MY.

Ford added a with 320 miles range, a tech oriented cabin, and a heat pump. It also comes with Ford’s and Power Tailgate. Although it was initially expected to start under $70K, the new starting price is $73,495. Gunsberg explained that the adjustments are to “achieve the optimal mix of sales growth, profitability, and customer access to the IRA tax benefit.” Ford is also updating the 2023 Mustang Mach E with $7,500 available in Red Carpet Lease Cash.

Despite a record year, Ford is scaling back EV plans. Ford’s CFO, John Lawler, said Ford is “slowing down several investments,” including around $12 billion in EV spending. Lawler added Ford is “changing the pace and flow” of capital and EV capacity put into place at the in November. This includes reducing planned production at its Marshall plant by roughly half, cutting inverter and motor capacity, and scaling back on plans to integrate vertically.

Ford, like Toyota, is leaning into its hybrids amid rising EV competition. Ford’s hybrid sales outshined EVs, with over 37,000 sold in Q4. The automaker sold more than double the amount of hybrids (133,743) than EVs (61,575) last year. EVs only accounted for 3.64% of Ford’s total vehicle sales. Meanwhile, hybrids accounted for 6.7%, leaving nearly 90% as gas powered ICE vehicles.

Although Ford placed second in US EV sales, Tesla was first by a wide margin. Tesla delivered a record 484,507 EVs in the to beat its 1.8 million guidance for 2023. and subscribe to the . Peter Johnson is covering the auto industry’s step by step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast.

His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising.