In a landmark Q2 for Ford, their electric vehicle division, dubbed Model e, has made waves with a staggering 61 percent growth in sales, capped by an impressive 72 percent increase year-over-year. This puts Ford second only to Tesla in the U.S. electric vehicle market, maintaining its dominant position among legacy automakers. The evolution of Ford’s EV strategy has been marked by an increasing number of new customers, with 54 percent of Mustang Mach-E sales and 64 percent of F-150 Lightning sales attributed to folks who had never owned a Ford before.
Breaking Down the Performance by Model
Mustang Mach-E: A Crossover Sensation
The Ford Mustang Mach-E has overcome a rocky start to become a crowd favorite in the EV crossover segment. Over the past year, sales have surged by 46 percent, and the first half of 2024 has seen a 58 percent increase. This model, which aims to fuse the sporty heritage of the Mustang with the practicality of a modern crossover, stands as the fifth best-selling EV in the U.S. in 2024, according to U.S. News.
(Credit: Ford)
Primed as a worthy contender against Tesla’s Model Y, the Mach-E’s appeal lies in its traditional yet innovative design, carving out a middle ground for consumers resistant to Tesla’s more radical paradigms.
F-150 Lightning: America's Best-Selling Electric Truck
The F-150 Lightning continues to dominate the electric truck market, outpacing notable competitors like the Rivian R1T and Tesla Cybertruck. With a classic pickup design and robust interior, it has attracted buyers who prefer a more conventional look over Tesla’s futuristic aesthetics. Even as Tesla ramps up production at Giga Texas, the F-150 Lightning’s virtues hold strong appeal.
(Credit: Ford Motor Co.)
By June 2024, sales of the F-150 Lightning reached 15,645 units, with Q2 alone contributing 7,902 units—marking a 77 percent increase from the same period last year. This growth underscores Ford’s success in adapting the beloved F-150 legacy to the electric age.
E-Transit: Leading the Electric Van Market
Let’s not overlook the E-Transit, Ford’s electric van. This model has been America's best-selling electric van, with 6,301 units sold, representing a 96 percent increase. Businesses appreciate the E-Transit for its low maintenance and fuel costs, with repeat customers making up three-quarters of its sales.
Penske Truck Leasing has ordered 750 all-electric Ford E-Transit cargo vans. The company is taking delivery of its first several vehicles in the next several weeks, following a successful pilot program late last year.
Looking to the Future
Ford’s momentum in the EV market is a testament to its strategic pivot towards electric mobility. Though still trailing Tesla, the legacy automaker's progress signals a competitive future where traditional brands can coalesce their long-standing reputations with innovative electric technologies. With models like the Mustang Mach-E, F-150 Lightning, and E-Transit leading the charge, Ford is positioning itself as a formidable player in the electrified landscape.