The 2022 Ford Maverick.
Ford
DETROIT— Ford engine started the year with a slight increase in sales, as A big increase in hybrid vehicles offset an 11% drop in all-electric cars and trucks.
The Detroit automaker reported Friday that sales rose 4.3% last month from January 2023, led by a 43% increase in hybrid sales and a 2.6% increase in traditional vehicles with internal combustion engines. Ford sold 152,617 vehicles last month.
The increase in hybrid sales is part of Ford's plan to double down on the technology. Demand for hybrids has increased, while consumers have adopted electric vehicles like the F-150 Lightning pickup truck and the Mustang Mach-E crossover more slowly than expected.
Sales of the Mach-E fell 51% at the start of the year, while those of the F-150 Lightning fell less than half a percent. Ford is ramping up production of its E-Transit electric van, which rose to more than 1,100 units sold in January, up from less than 400 a year ago.
Despite the focus on hybrids, 90% of Ford's sales last month were traditional cars and trucks. Hybrids, led by the Ford Maverick pickup truck, accounted for 7.3% of sales. With less than 5,000 units, electric vehicles represented approximately 3%.
Sales of Ford's highly profitable F-Series pickup trucks fell about 12% last month to about 48,700 units.
Ford released its January sales days before the automaker reported its fourth-quarter and year-end earnings Tuesday after the bell.
Earlier this week, Ford's crosstown rival General Motors released 2024 results and guidance that beat Wall Street expectations.
GM stock saw a notable rise after earnings, and the stock is up more than 7% this year. Ford shares have fallen about 1% in 2024.
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