Ford's 2nd quarter sales grow 0.8% with hybrid vehicles leading the charge (2024)

Bob Jordan, a retired CPA from Ubly, in Michigan's Thumb, is just one reason Ford Motor Co. sales grew during second quarter.

The Dearborn automaker reported Wednesday that sales grew 0.8% for the second three months of the year compared with last year, with 536,050 vehicles. For the first six months of 2024, Ford reported 3.6% growth with 1,044,133 new vehicles sold in the U.S., exceeding the industry average of 2.5% growth, according to Motor Intelligence data.

Hybrid vehicle sales continue to be a driving force, as was the case in 2024's first quarter, Ford said.

Ford sold 20,760 Maverick hybrid trucks this quarter — totaling 40,420 from January through June.

"Approximately 60% of all Maverick hybrid customers come from other brands, and many are trading in their small SUVs and compact cars for the affordable midsize Maverick pickup," Ford said.

Ford's 2nd quarter sales grow 0.8% with hybrid vehicles leading the charge (1)

A hybrid combinesat least one electric motor with a gasoline engine to move the car, and its system recaptures energy via regenerative braking."Sometimes the electric motor does all the work, sometimes it's the gas engine, and sometimes they work together," Car and Driver wrotein a 2019 explanation of hybrid technology. "The result is less gasoline burned and, therefore, better fuel economy. Adding electric power can even boost performance in certain instances."

Getting 42 mpg in a pickup

Jordan drove down to Romeo from his home just south of Bad Axe to buy a 2024 Maverick hybrid in April for about $42,000, including perks such as leather seats, rust protection and fender guards. He totaled his 2022 Maverick hybrid after a big buck jumped in front of him on a two-lane highway.

At age 77, the former F-150 owner (who also owns a 2018 Ford Focus) says the size of the smaller pickup is easy to handle and getting 42 mpg is a dream. "I don't haul anything anymore. I used to haul wood and a trailer. It's just a really nice little pickup truck."

Ford has hybrid offerings that competitors do not, and it's directly impacting the bottom line. There's no plug-in component. And this vehicle technology is helping consumers transition from traditional internal combustion engines to electrification, which offer lower fuel and maintenance costs.

On Tuesday, General Motors reported a 0.6% increase in second-quarter sales from a year earlier to 696,086 vehicles — its best quarter for total sales since 2020. By contrast, Stellantis reported sales down 21% during second quarter from a year earlier to 344,993. Stellantis owns Jeep, Ram, Chrysler, Dodge and Fiat brands.

The data breakdown

Ford noted that the Maverick hybrid and F-150 hybrid vehicles posted their best-ever quarterly sales results. Ford trails only Tesla in electric vehicle sales, with 44,180 vehicles sold the first half of the year, and Ford EV sales spiked 61% in second quarter.

Ford hybrid sales increased 56% to 53,822 vehicles, a quarterly sales record since Ford first offered hybrid models more than 20 years ago, Ford said.

"Nobody offers the wide array of powertrains that Ford offers with its trucks. We have gas. We have record quarterly F-150 hybrids and Maverick hybrids," said Erich Merkle, Ford U.S. sales analyst told the Free Press. "There's an increased appetite for hybrids, especially related to trucks. Our electric F-150 was up 77% to 7,902 this quarter."

Ford's 2nd quarter sales grow 0.8% with hybrid vehicles leading the charge (2)

Pickups remain a profit center for Ford, with its F-Series sales totaling 199,463 in the second quarter.

"Ford is the number one selling pickup manufacturer in the world, and its F-Series truck lineup remains America’s best-selling, outselling second place Silverado by 71,000 and Ram by 173,000 trucks through June of this year," Ford said in its news release.

Andrew Frick, president of Ford Blue, said in a statement, “Hybrid and electric vehicles are driving growth, as are post-purchase experiences, like BlueCruise hands-free highway driving, the Ford Pro Intelligence software platform and remote vehicle servicing options."

Everything is up

Ford said in its news release Wednesday:

  • Total truck sales (including pickups and vans) of 308,920 climbed 5% compared with 2023, representing Ford's best second-quarter truck sales performance since 2019.
  • Maverick’s largest market is California and, based on the most recent registration data, Maverick is the top choice among female consumers in the midsize pickup segment.
  • Second to Maverick among hybrid pickups is the new F-150 hybrid, with sales totaling 33,674 through the first half of the year, up 38%.
  • EV sales increased 61% in the second quarter, with 23,957 Fords sold, and are up 72% for the year.
  • New customers are going to Ford for EVs: 62% of F-150 Lightning and 54% of Mustang Mach-E sales owned different makes previously.
  • Mach-E sales climbed 46% from the second quarter a year ago, and are up 58% through the first half of the year. The Mustang Mach-E saw its best year-to-date sales since its launch in 2021.
  • 2024 sales of the F-150 Lightning totaled 15,645 through June. F-150 Lightning sales for the second quarter totaled 7,902, up 77% from a year ago.

More:Ford, Jeep merch deals are bringing in more than $1 billion a year

More:Ford F-150 Hybrid can recharge all-electric vehicles in an emergency

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Ford's 2nd quarter sales grow 0.8% with hybrid vehicles leading the charge (2024)
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