DETROIT – Ford Motor started the year with a slight increase in sales, as a large jump in hybrid vehicles offset an 11% decline in all-electric cars and trucks.
The Detroit automaker on Friday reported sales rose 4.3% last month from January 2023, led by a 43% jump in hybrid sales and 2.6% uptick in traditional vehicles with internal combustion engines. Ford sold 152,617 vehicles last month.
The spike in hybrid sales is part of Ford’s plan to double down on the technology. Demand for hybrids has increased, while consumers have adopted electric vehicles like the F-150 Lightning pickup and Mustang Mach-E crossover more slowly than expected.
Sales of the Mach-E dropped 51% to begin the year, while those of the F-150 Lighting dipped by less than half a percent. Ford is ramping up production of its E-Transit electric van, which increased to more than 1,100 units sold in January compared to less than 400 a year ago.
Despite the focus on hybrids, 90% of Ford’s sales last month were traditional cars and trucks. Hybrids, led by the Ford Maverick pickup, represented 7.3% of sales. At less than 5,000 units, EVs made up roughly 3%.
Sales of Ford’s highly profitable F-Series pickups fell about 12% last month to roughly 48,700 units.
Ford released its January sales days before the automaker will report its fourth-quarter and year-end earnings Tuesday after the bell.
Earlier this week, Ford’s crosstown rival General Motors released results and 2024 guidance that topped Wall Street’s expectations.
GM’s stock got a notable bump after earnings, and shares are up more than 7% this year. Ford’s stock has fallen about 1% in 2024.
This story originally appeared on CNBC
