Economic news

Ford EV sales fall in January amid demand slowdown

2024.02.02 11:53


© Reuters. FILE PHOTO: A Ford brand is seen in the course of the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David ‘Dee’ Delgado/File Photo

(Reuters) -Ford Motor reported an about 11% fall in January sales of electrical automobiles (EV) on Friday, because the trade grapples with shrinking demand for the automobiles which can be usually costlier than their gasoline-powered counterparts.

The Dearborn, Michigan-based automaker bought 4,674 EVs in January, in contrast with 5,247 models bought throughout the identical interval final yr.

The EV demand slowdown as a consequence of elevated rates of interest, which implies larger mortgage funds for consumers, has prompted some automakers to chop manufacturing.

Last month, Ford (NYSE:) mentioned it will scale back manufacturing of its marquee F-150 Lightning electrical pickup truck at its Michigan Rouge EV plant, and enhance manufacturing of gas-powered Bronco SUVs and Ranger pickups.

High costs of EVs and considerations concerning the restricted vary of those automobiles, particularly in rural areas as a consequence of lack of charging infrastructure, have fueled sales of hybrid automobiles.

Last yr, Chief Executive Officer Jim Farley mentioned the corporate had plans to quadruple sales of gas-electric hybrids over the following 5 years.

Ford’s complete sales for January had been up 4.3% at 152,617 automobiles, helped by a 42.7% soar in hybrid car sales.

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