Ford’s sales in the US were strong in the first half of 2023. In July, management said it had been the No.1 brand in the US for six months in a row. Ford sold 531,662 vehicles in the period, up 9.9%. Thirty-nine percent of the figure was the Ford F-Series, mainly the F-150 pick, the best-selling vehicle in America for over four decades. F-Series unit sales rose 27.9% in the period to 382,893.
The success of the F-150 begs the question of whether sales of the gas-powered version will overshadow sales of the EV F-150 Lightning. There is a school of thought that Americans don’t want EVs at all. It would not be surprising if that were particularly true of pickups.
Sales of the Lightning were only 8,757 in the first half. That was up 284.1%. Ford says it cannot match demand. By the end of the year, it should be able to produce 150,000 in 2024. However, there is no evidence there is a market for that count.
Several studies show that many Americans will either not buy EVs or will not consider driving them soon. A recent poll by the Energy Policy Institute at the University of Chicago and the Associated Press-NORC Center for Public Affairs Research showed that only 19% of drivers are “very” or “extremely” likely to buy an EV as their next vehicle. :
The primary reason people do not want an EV is worrying about the number of charging stations nationwide. That may be why Ford decided to use Tesla’s charging network. It is too early to tell whether that will work or not.
Another reason people want to avoid buying EVs is the cost. The least expensive Lightning–the Pro– is $49,995. The least costly gas-powered version–XL– is $33,695. The vehicles have different features, but a cost-conscious buyer may look at the base price and nothing else.
There is at least one report that Lightning’s oversupply has worried some dealers. There is no telling why. There are no reports that sales of the gas-powered F-150 have dropped off. Ford management may want to be concerned.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Source: Read Full Article