The race for dominance in the electric vehicle market continued to heat up with new companies entering the space and traditional automakers pushing forward with plans to grow their production of EVs.
One of the expected hottest markets for EVs is pickup trucks. Here’s a look at how Ford Motor Company F could be leading the way.
What Happened: Ford reported June sales this week, which saw total vehicle sales of 152,262, a year-over-year increase of 31.5%.
Among the highlights of the month was the F-150 Lightning electric pickup truck, which was the bestselling electric truck in the month of June.
Overall electric vehicle sales for Ford were up 76.6% year-over-year for the month of June, hitting a total of 4,353.
The company sold 1,837 F-150 Lightning in the month of June. Ford has now sold 2,296 F-150 Lightning trucks since the vehicle launched.
“Ford outperformed the industry driven by strong F-Series, Explorer and new Expedition and Navigator SUV sales. Combined, these vehicles represented just over 56 percent of our sales in June. F-150 Lightning was America’s best-selling electric truck in June in its first full month of sales,” Ford Vice President Sales, Distribution and Trucks Andrew Frick said.
Why It’s Important: Ford reported that 75% of people who reserved the F-150 Lightning came from other brands, which could suggest Ford could gain market share in the truck sector and not just pull people from its existing F-150 line to the electric vehicle version.
Shares of rival Rivian Automotive Inc RIVN popped Wednesday after the company said it produced 4,401 vehicles in the second quarter. The company’s R1T electric pickup is a rival to the F-150 Lightning.
The news from Ford and Rivian came after Benzinga shared that General Motors Company GM is making around 12 Hummer EVs per day, which was noted as unusually slow. General Motors has more than 77,000 units of the Hummer EV on a waiting list.
While GM is seeking to ramp up production in the second half, it could see rivals gain market share in the sector.
Ford’s early lead could also come into handy ahead of the highly anticipated Tesla Cybertruck electric truck launch from Tesla Inc TSLA, which is expected in 2023.
F Price Action: Ford shares closed Wednesday down 1.34% to $11.06, nearing a 52-week low of $10.61.
Photo: Courtesy Ford
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.