Ford EV sales outpace segment, gain EV market share

Ford today released its July 2022 sales, showing the automaker is continuing its push into the electric vehicle market. In fact, surging Ford EV sales propelled the automaker to the top-selling brand last month.

In an all-out effort to dethrone the king of electric vehicles, Tesla ($TSLA), incumbent automakers are turning their efforts to electric vehicles. As companies try to find their niche, Ford is quickly succeeding in converting brand favorites into electric vehicles.

For example, Ford (F$) turned the American muscle car, the Mustang Mach E, into a powerhouse. Then Ford took it a step further and brought the Ford F-150 Lighting to market. Between the two releases, Ford sells the EV models as fast as they can make them.

And finally, the Ford Transit (a minivan) continues to dominate its class, even as an electric vehicle. The Ford E-Transit does up to 95% of the electric van market until July.

With Ford’s electric vehicle sales rapidly increasing, the company is gaining market share. In fact, Ford is now the second best-selling electric vehicle brand in the United States, behind Tesla. The company hit 10.9% market share on electric vehicles in July, its highest ever.

Tesla remains the dominant EV leader, with more than 60% of the BEV market. But as the traditional automobile continues to accumulate in the market, healthy competition is emerging.

Ford’s 2022 E-Transit / Source: Ford Motor Co.

Ford’s July EV sales boost market share

Ford EV sales rose 168.7% in July, three times the EV market. In addition, all models of electric vehicles have seen strong demand.

  • Mustang Mach-E sales up 74.1%
  • The F-150 Lightning had its best month since its release
  • E-Transit claims over 95% of the electric van market.

Better yet, Ford doesn’t expect the momentum to slow. In the business Q2 resultsthe automaker said it expects a compound annual growth rate (CAGR) of 90% for its electric vehicle models through 2026.

The company continues to secure battery capacity and raw materials to achieve its goal. Ford has already provided 70% of its battery capacity for its goal of a global operating rate of 2 million electric vehicles per year in four years.

Ford is investing more than $50 billion in electric vehicles during this time to continue its success.

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