Ford released its July 2022 sales today, showing that the automaker continues its push into the EV market. Indeed, rising Ford EV sales propelled the automaker to become the best-selling brand last month.
In an all-out effort by the EV king, Tesla ($TSLA), legacy automakers turning their efforts to electric vehicles. As companies try to find their niche, Ford is finding early success in switching brand favorites to EVs.
For example, Ford ($F) turned the American muscle car, the Mustang Mach E, into EV power. Then, Ford took it further and gave the Ford F-150 lighting to the market. Between the two releases, Ford is selling the EV models as fast as they can make them.
And finally, the Ford Transit (cargo van) continues to lead its class, even as an EV. The Ford E-Transit does up 95% of the electric van market until July.
With Ford’s EV sales climbing rapidly, the company is gaining market share. In fact, Ford is now the second best-selling EV brand in America, behind it Tesla. The company reached a 10.9% EV market share in July, its highest yet.
Tesla is the dominant EV leader, with over 60% of the BEV market. But as heritage cars continue to pile into the market, healthy competition is emerging.
Ford’s July EV sales increase market share
Ford EV sales grew 168.7% in July, three times the EV market. In addition, all EV models saw strong demand.
- Mustang Mach-E sales up 74.1%
- The F-150 Lightning had its best month since its release
- E-Transport claims over 95% of the EV van market.
Best of all, Ford doesn’t expect the momentum to slow. In the company earnings Q2the automaker said it expects a 90% compound annual growth rate (CAGR) for its EV models through 2026.
The company continues to secure battery capacity and raw materials to reach its target. Ford has already secured 70% of its battery capacity for its goal of a global run rate of 2 million EVs every year in four years.
Ford is investing over $50 billion in electric vehicles during this time to continue its success.
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