Ford’s EV Sales Are Rising. Tesla Chargers and Price Cuts Fuel the Surge 

Key Takeaways

  • Ford’s EV sales jumped in March, following a prolonged slump
  • Access to Tesla Superchargers could be the catalyst
  • Major price cuts are also a significant factor

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Last updated Apr 3, 2024

Electric vehicles are in the news for all the wrong reasons these days. Automakers are losing money as the clock ticks towards electrification goals set by the US government. Ford, who has struggled selling EVs to its core following, has gone so far as to cut two-thirds of the workforce at the Rouge Electric Vehicle Center in Dearborn, Michigan. But there’s good news, if you look beyond the headlines. Price cuts have come in waves, sending Ford’s EV prices falling. Ford’s EVs now have access to the Tesla Supercharger network, essentially fixing previous charging woes overnight. New numbers from CarEdge Data reveal that something is working, and Ford is selling EVs in higher numbers than ever before.

Here’s a closer look at Ford’s EV sales turnaround.

Ford’s EV Sales Are Up 114%

2024 Mustang Mach-E Sales

Over the course of March, Ford’s electric vehicle sales rates jumped 114%, as measured by running 45-day sales totals. For Ford, this is an unprecedented spike in EV sales. 

For Ford’s first flagship EV, the Mustang Mach-E, sales rates are up 179% in just 30 days. In the 45 days leading up to March 1, 2024, 2,096 Mustang Mach-Es were sold in America. By March 30, the running total had climbed to 5,868 sold. This uptick in sales brough the Mustang Mach-Es market day supply down from 510 days at the start of March, to 137 days by the end of the month.

The best-selling electric truck in America, the F-150 Lightning, also saw sales rise last month. The Lightning’s 45-day running sales total climbed from 2,193 sales leading up to March 1, all the way to 3,334 sales by the end of the month. Ford’s electric truck sales jumped 52% in just three weeks. 

For both models, nearly all sales were for the remaining 2023 models. 2024 models are just now arriving on dealer lots, making up just 19% of Ford’s EV lot inventory on April 1.

Who to Thank: Lower Prices, Or Tesla Superchargers?

Who is Ford to thank for their accelerating EV sales, their pricing strategy, or Tesla? Perhaps it’s a little bit of both.

On February 29, Ford announced that all of its EV owners have access to Tesla’s Supercharger network. To the uninitiated, this may not sound like much news at all. But for any non-Tesla EV driver (like myself), it’s a big deal. Tesla may have its faults, but one of its many strengths is its charging network. Frankly, most other charging networks are horrible. Until now, the Tesla Supercharger network has been reserved for Tesla drivers only. Now, first with Ford and then with Rivian, Tesla is opening up access to other automakers. 

Here’s a look at the current extent of the Tesla Supercharger network in 2024:

Tesla Supercharger map 2024

At last, reliable EV charging has arrived for Ford’s customers (as long as they have an adaptor, provided free of charge by Ford). But there’s more to this story than easy charging.

Just how far have Ford’s EV prices fallen recently?

As of April 1, the average selling price for a new Ford Mustang Mach-E is $52,927. At the start of 2024, the Mustang Mach-E’s average transaction price was $56,546. That’s a 6.4% price drop, all within a few months. 

For the F-150 Lightning, average transaction prices fell from $71,118 at the beginning of 2024 to $66,391 by the end of the first quarter. That is also a 6.4% drop over three months. 

Ford’s used EV prices have taken quite the tumble, too. Used F-150 Lightning prices are down 13.8%, and the Mustang Mach-E’s average used sale prices are down 10.5% in the first quarter of 2024.

Taking EVs Seriously Pays Off For Ford

2024 Ford F-150 Lightning Sales

EV skeptics repeat two major obstacles that keep them hesitant to make the switch: access to reliable charging, and high prices. In the span of a month, Ford has addressed both of these pain points. This is great news for EV buyers, and also something that Ford is surely happy to see. 

Will the good news continue for Ford? It’s far too soon to tell. The remainder of 2024 will prove to be a make-or-break time for not only Ford, but all electric vehicle makers. But it’s safe to say that lower prices and better charging are two big steps in the right direction. 

Want to do your own local market research? CarEdge Data is for you.

See the latest EV market share update here for more details. 

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