Although consumer demand for electric vehicles (EVs) continued to decline last month, the carmaker experienced higher total vehicle sales, partly due to a spike in sales of its hybrid models.
Ford announced that it sold 4,674 electric vehicles in January, a 10.9% decrease from the 5,247 vehicles it sold in the same month last year. In contrast, Ford stated in January 2023 that it had sold over 7,800 EVs the previous month, a 223% increase over the same period the previous year.
Nevertheless, the carmaker’s total sales increased 4.3% to 152,617 last month, with sales of hybrid vehicles rising 42.7% from January 2023.
When the electric vehicle runs out of power, the push
Consumer interest in all-electric models has leveled off despite a surge in demand for EVs in recent years due to push from the Biden administration and manufacturers. This is because many consumers are reluctant to switch from gas-powered vehicles due to concerns about things like infrastructure for charging and higher vehicle costs.
Because they are usually less expensive and don’t always need a charger, hybrid devices are now considered a “happy medium” by some consumers.
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Ford’s EV division posted higher-than-expected losses in October. As a result, the company started to reduce its planned investments and stop producing the Mustang Mach-E.
In a statement at the time, Ford CEO Jim Farley stated, “We are utilizing our manufacturing flexibility to offer customers choices while balancing our growth and profitability.”