Ford Motor Company (NYSE:F) shares are trading lower on Tuesday.
The auto behemoth’s electric vehicle sales for May jumped 64.7% year over year to 8,966 units, while sales for hybrid vehicles rose 64.5% year over year to 17,631 units.
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Overall, total vehicle sales last month rose 11.2% to 190,014 units.
Ford wants to increase EV sales to assist in neutralizing shrinking fuel economy standards and emissions, but the company’s Model E electric vehicle unit registers immense losses, CNBC reported.
In May, Ford nearly doubled sales of its all-electric F-150 Lightning pickups year over year. Mustang Mach-E EV also hopped, up 46% year over year.
The rise in hybrid sales is an element of Ford’s plan to boost the technology. Earlier this year, the company said it would delay production of new all-electric vehicles to concentrate on delivering hybrid options across its entire North American lineup by 2030, the report added.
Mass Production Of Ford Explorer
Today, Ford started mass production of the all-electric Ford Explorer at its first dedicated electric vehicle facility in Europe following a $2 billion investment.
The facility, also known as the Cologne Electric Vehicle Center, is equipped with cutting-edge AI and supported by self-learning machines and more than 600 new robots.
A second electric vehicle, a new sports crossover, will be revealed shortly with production in Cologne starting later this year, the company said.
“The start of mass production of electric vehicles, with the new all-electric Explorer, marks the beginning of a new era for Ford in Europe,” said Kieran Cahill, vice president, Manufacturing, Ford in Europe and International Markets Group.
Price Action: F shares are trading lower by 1.56% to $12.00 at last check Tuesday.
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