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Ford Reports Strong Growth In Electric And Hybrid Truck Sales For Q3 2024
Ford Motor Company experienced a 4% increase in U.S. retail sales during the third quarter, surpassing the overall industry, which remained flat. Total sales for Ford rose by 1%, contrasting with a 2% decline across the market. The company's hybrid vehicle sales saw a significant boost of 38%, reaching 48,101 units, while electric vehicle sales increased by 12%.
Ford's electric vehicles have seen substantial growth this year, with a 45% increase in sales, positioning them second only to Tesla in the U.S. market. By September, Ford had sold 67,689 electric vehicles. The F-150 Lightning's sales more than doubled, contributing to a 12% quarterly gain in overall electric vehicle sales.
Ford's hybrid truck segment is thriving, with the F-150 Hybrid leading the way. Sales for this model jumped by 64% in Q3 to reach 20,129 units. The Maverick also performed well, with a 22% increase in sales to 16,561 units. Together, these models account for 77% of the hybrid pickup market.
The Lincoln brand also saw impressive growth in Q3, with sales rising by 26%. This was largely driven by the new Nautilus and Aviator models. Nautilus achieved its best third-quarter performance since 2007 with sales of 8,799 units. Meanwhile, Aviator recorded sales of 5,543 units.
The Ford F-Series continues to dominate as America's top-selling truck lineup for nearly five decades. Through September, F-Series sales reached 550,835 units. This includes gas and diesel Super Duty trucks and the versatile F-150 available in gas, hybrid and electric versions.
Ford's van segment is equally strong. Transit vans accounted for over half of the full-size van market share in early 2024. With total Transit sales at 114,281 through September — up by 17% from last year — Ford remains a leader in commercial vehicle sales.
Software and Remote Services Expansion
The Ford Pro Intelligence software platform has grown significantly with approximately 620,000 active subscriptions — an estimated increase of about 30% year-over-year. Additionally, remote service experiences provided by Ford and Lincoln dealers have surged by 118%, offering over one million services in Q3 alone.
In terms of commercial vehicles like Class 1-7 trucks and vans within the U.S., Ford's market share grew to an impressive figure of around 42.5%. This marks an increase of two percentage points compared to last year’s data.
Market Leadership Across Segments
Ford maintained its position as America's best-selling brand during Q3 across various segments including trucks (F-Series), hybrid trucks (F-150 Hybrid), vans (Transit), three-row SUVs (Explorer) and sports cars (Mustang). The Explorer saw a notable rise in Q3 with a total sale count reaching up to around forty-two thousand units — marking an increase of about twenty-five percent compared to previous periods.
The company’s strategy focuses on offering diverse powertrain options tailored for different customer needs which has proven successful according to Andrew Frick: "Different lifestyles require unique types of power," he stated while emphasizing their commitment towards meeting specific customer demands effectively through varied offerings.
The upcoming debut on October third will feature an all-new Expedition model adding further excitement among enthusiasts eagerly anticipating this launch event showcasing innovation within automotive design trends today!
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