Ford Outperforms Toyota in January Sales, Despite EV Slowdown Trend

Feb 05, 2024 08:49 PM EST

FORD TRUCK WITH RAD CUSTOMIZATION KIT INSTALLED — (Photo : PEXEL/ chaiya saleethong)

In January, Ford witnessed a robust beginning to the year in the American market, experiencing a significant surge in sales that outpaced Toyota, last year's sales leader. However, throughout that same period, sales of electric vehicles decreased.

Overall Ford Sales Figures Up: EV Sales Drops

January saw a notable increase in Ford's sales figures within the United States. With a noteworthy 4.3% gain, the American carmaker sold 152,617 automobiles overall. Aol. reported that, Toyota, on the other hand, recorded a 23.3% rise in sales; yet, 143,241 automobiles were sold in January overall. Toyota has had challenges with chip shortages and inventory management since 2023; the firm is working hard to find solutions to these issues in order to maintain its supply chain.

Ford attributed its strong January sales performance to several factors, including the remarkable success of its Maverick compact pickup, which recorded a staggering 12,443 units sold. In addition, the business saw strong sales in the truck and van segment, exceeding 80,000 units.

Interestingly, Ford calculated that it sold almost 15,000 more trucks and vans in a given month than General Motors (GM), its nearest rival. It's crucial to remember that GM withholds their monthly sales information, which makes it difficult to draw direct comparisons.

Although Ford had a sharp increase in sales in January, the market for electric vehicles (EVs) showed a different pattern. Even while sales of hybrid vehicles have increased, EV sales drop in January, with only 4,674 units sold, a 10.9% year-over-year decline.

Several factors contributed to this downturn in EV sales as the loss of federal EV tax credits for the Mustang Mach-E, colder weather conditions, apprehensions regarding electric vehicle range, and elevated interest rates likely impacted the EV market negatively at the beginning of the year.

Ford Trucks Sales Surge

Meanwhile, as the EV sales drops in January, Ford trucks celebrates its winning moment this month. The tiny trucks are joining the popularity race in the hybrid arena. Ford has just released their January sales data, showcasing an impressive surge in their overall performance, which includes both cars and trucks. Their total sales figures climbed by 4.3%, reaching a significant milestone of 152,617 units.

According to TFL Truck report, out of this total, Ford successfully sold 80,726 trucks and vans during the past month, as reported by the company on Friday. Among these sales, the standout was the compact Maverick, which recorded an astounding 12,443 units sold, marking January 2024 as a record-breaking sales month for this particular truck model.

Ford proudly notes that the Maverick has become one of the most sought-after vehicles on their dealership lots, with an impressive 95% of its retail sales stemming from pre-existing dealer orders. This indicates that sales representatives are experiencing minimal difficulties in moving the Mavericks off the lot.

Ford attributes this exceptional performance to its strategic efforts to expand production capacity, resulting in a remarkable 98.4% increase in the compact truck's sales compared to the same period last year.

Furthermore, reports have disclosed that Ford proudly highlights the Maverick's achievement of outselling the Tacoma by a substantial margin of 4,240 trucks. According to data compiled and published by Good Car Bad Car, Toyota managed to sell 8,203 units of its midsize truck.

It's worth noting, however, that Ford's strong performance in the small truck segment occurred while taking into account that the fourth-generation 2024 Tacomas have only recently started making their way to dealer lots.