Ford released its July 2022 sales today, showing that the automaker continues its push into the EV market. In fact, rising Ford EV sales boosted the automaker to become the best-selling brand this past month.
In an all-out effort to dethrone the EV king, Tesla ($TSLA), legacy automakers are turning their efforts to electric vehicles. As companies try to find their niche, Ford is having early success converting brand favorites to EVs.
For example, Ford ($F) turned the American muscle car, the Mustang Mach E, into an EV powerhouse. Then, Ford took it further and brought the Ford F-150 Lighting to market. Between the two releases, Ford is selling the EV models as fast as they can make them.
And lastly, the Ford Transit (a cargo van) continues dominating its class, even as an EV. The Ford E-Transit makes up 95% of the electric van market through July.
With Ford’s EV sales climbing rapidly, the company is gaining market share. In fact, Ford is now America’s second best-selling EV brand, behind Tesla. The company reached a 10.9% EV market share in July, its highest yet.
Tesla remains the dominant EV leader, with over 60% of the BEV market. But as legacy auto continues piling into 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 grew a whopping 168.7% in July, three times the EV market. Furthermore, all EV models saw strong demand.
- Mustang Mach-E sales up 74.1%
- F-150 Lightning had its best month since its release
- E-Transit claims over 95% of the EV van market.
Best of all, Ford doesn’t expect the momentum to slow. In the company’s Q2 earnings, the automaker said it expects a 90% compound annual growth rate (CAGR) for its EV models through 2026.
The company continues securing battery capacity and raw materials to hit its goal. Ford has already sourced 70% of its battery capacity for its goal of a 2 million EV global run rate annually in four years.
Ford is investing over $50 billion in EVs during this time to continue its success.