Ford Motor Company (NYSE: F) shares rose following the release of January sales data, revealing a year-over-year increase.
Ford Motor Company (F) kicked off the year with modest sales growth, as a significant surge in hybrid vehicles compensated for an 11% drop in all-electric cars and trucks.
The Detroit-based car manufacturer announced on Friday that sales increased by 4.3% in the last month compared to January 2023, driven by a 43% rise in hybrid sales and a 2.6% increase in conventional vehicles with internal combustion engines. Ford reported selling 152,617 vehicles in the past month.
The surge in hybrid sales aligns with Ford’s strategy to intensify its focus on this technology. The demand for hybrids is rising, while the adoption rate of electric vehicles such as the F-150 Lightning pickup and the Mustang Mach-E crossover has been slower than anticipated.
Sales of the Mach-E saw a 51% decrease at the start of the year, while those of the F-150 Lightning experienced a slight dip of less than half a percent. Ford is accelerating the production of its E-Transit electric van, with sales increasing to over 1,100 units in January, up from less than 400 a year ago.
Most of Ford’s recent sales (90%) were from traditional vehicles, while hybrids, led by the Ford Maverick pickup, constituted 7.3%. Electric vehicles (EVs) made up about 3%, with less than 5,000 units sold.
Ford disclosed its January sales just days ahead of the company’s fourth-quarter and year-end earnings report scheduled for Tuesday after the market closes.
Ford (NYSE: F) Stock Performance
Ford stock rose 0.33% to close at $12.14 on Friday. The traders had exchanged hands with 72,721,175 (72.72 million) shares compared to the average daily trading volume of 51.63 million.
