EVs, Trucks, and Triumphs: Ford’s Stellar 2024 Sales Performance

Ford Motor Company closed 2024 on a high note, reporting a 4.2% year-over-year increase in U.S. sales. The automaker sold 2.079 million vehicles, marking its highest annual sales since 2019, before the disruptions caused by the global pandemic. This achievement was bolstered by record electric vehicle (EV) sales and significant growth in hybrid and truck categories, despite a challenging market defined by high interest rates and rising transaction prices.

Breaking Down Ford’s 2024 Success

Ford's total sales exceeded expectations. While industry analysts at Cox Automotive Inc. had projected a 3.8% increase, Ford surpassed these forecasts, driven by a robust performance in the fourth quarter. During Q4, Ford recorded an 8.8% year-over-year increase, selling 530,660 vehicles.

EV Momentum

Ford achieved a milestone in the electrification of its fleet, with EV sales climbing nearly 35% year-over-year to 97,865 units. This includes standout performers like the Mustang Mach-E, which saw a 27% increase and enjoyed its best-ever quarter in the final three months of 2024.

Ford’s EV growth, though record-breaking for the company, fell short of rival General Motors, whose annual EV sales rose 50% to 114,432 vehicles. Still, Ford strengthened its competitive edge by extending its "Power Promise" campaign into 2025, offering buyers of new EVs complimentary Level 2 home chargers with standard installation. This initiative was credited with a 16% rise in fourth-quarter EV sales.

Hybrid and Gasoline Vehicles Still Dominate

Hybrid vehicle sales surged 40% in 2024, reflecting growing consumer interest in bridge technologies between traditional and fully electric powertrains. Meanwhile, gasoline and diesel-powered vehicles still constituted the bulk of Ford’s sales, representing 86% of total deliveries and posting a modest 0.2% increase.

Truck Segment Leads the Way

Ford’s leadership in the truck segment continued to shine in 2024. Truck sales increased 7.1%, with the F-Series retaining its crown as the best-selling truck in the U.S. for the 48th consecutive year. Highlights include:

• F-Series: Sales grew 2%, with the all-electric Lightning model soaring 39% and hybrid variants increasing by 47%.
• Ranger: Sales surged 43%, underscoring strong demand for midsize trucks.
• Maverick: Deliveries rose 39%, with the hybrid model accounting for a 31% increase.
• Transit: Ford’s commercial van sales jumped 18%, with E-Transit deliveries climbing a remarkable 64%.

SUV and Luxury Performance

Ford’s SUV sales dipped slightly, down 1.6%, largely due to the discontinuation of the Edge model, which saw a 37% decline in sales. However, other SUV models showed resilience:

• Explorer: Sales increased by 3.9%.
• Expedition: Up by 6.3%.
• Bronco: Sales rose 3.3%.
• Escape: Deliveries climbed 4.2%.
• Bronco Sport: Declined by 2.2%.

Ford’s luxury brand Lincoln posted a stellar year with its best retail sales in 17 years, achieving a 28% year-over-year increase. Standout models include:

• Aviator: Sales grew by 62%.
• Nautilus: Up 50%.
• Navigator: Increased 28%.

Challenges and Competitors

Despite its achievements, Ford faced stiff competition in the EV space. GM surpassed Ford in annual EV sales, while Tesla, the global EV leader, experienced its first annual delivery decrease in more than a decade. Furthermore, Ford’s sole car segment vehicle, the Mustang coupe, saw a 9.5% decline in sales.

Ford’s SUV sales also experienced a 1.2% overall decline due to Edge production halting. However, the all-electric Mustang Mach-E’s growth provided a bright spot in the segment.

The Road Ahead

Ford enters 2025 with momentum and an ambitious electrification strategy. By leveraging programs like the "Power Promise" and building on the success of its hybrid and electric offerings, the company is poised to maintain its competitive edge in a rapidly evolving automotive market.

The automaker’s performance in 2024 demonstrates its ability to navigate challenges while seizing opportunities in high-demand segments. With sustained growth across key categories, Ford continues to solidify its position as a leading force in the U.S. automotive industry.