Ford US May sales increase thanks to EVs and hybrids

The Mustang Mach-E on display at the New York International Auto Show on March 28, 2024.

Danielle De Vries | CNBC

DETROIT – Ford Motors US new car sales rose 11.2% last month compared to May last year, boosted by strong sales growth for all-electric and hybrid models.

The Detroit automaker reported a roughly 65% ​​increase in sales of both hybrid and fully electric vehicles on Tuesday. That's compared to a 5.6% increase in sales of traditional Ford vehicles with internal combustion engines.

Despite the notable increase in hybrids and electric vehicles, sales in those segments combined amounted to approximately 26,600 vehicles. That's just 14% of the automaker's more than 190,000 total sales last month.

The rise in EV sales is puzzling investors. Ford wants to increase EV sales to build scale and help offset tougher fuel economy and emissions standards, but the company's Model E electric vehicle unit continues to lose millions of dollars per quarter.

Ford reported in April that the division lost $1.32 billion on 10,000 vehicles sold wholesale from January through March. While the unit also includes EV-related items such as software, these losses equate to a loss of $132,000 for each vehicle the unit sells.

This is the latest news. Please check back later for additional updates.

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