Ford sales rose in January, surpassing Toyota’s, but electric car growth is stagnant

Ford (F) reported a strong start to the year in the US, with sales rising in January and even exceeding those of Toyota (TM), last year’s sales king. However, electric vehicle sales suffered a setback.

Ford reported in January that U.S. sales rose 4.3% to 152,617 vehicles, with the automaker’s U.S. market share reaching 13.7%, up 0.3% from a year ago. Toyota reported that U.S. sales rose 23.3%, but the company sold only 143,241 vehicles in January. Toyota has been hit by chip shortages and inventory issues since 2023 and is still working to build up supply.

2024 Mustang Mach-E electric vehicles are on display at a Ford dealership on Sunday, January 21, 2024 in Broomfield, Colorado. (AP Photo/David Zalubowski) (ASSOCIATED PRESS)

As for Ford, the company said the results were driven by record sales of its Maverick compact pickup (12,443 units) and trucks and vans overall, which reached more than 80,000 vehicles. Ford estimated that it sold 15,000 more trucks and vans than its next largest rival, General Motors (GM). (GM, however, does not release monthly sales data.)

Ford’s hybrid sales rose again, up 42.7% from a year ago to 11,157 units.

However, the good news in hybrid car sales comes as electric car sales fell in January, with sales of fully electric cars down 10.9% year-on-year to 4,674 units. The loss of federal EV tax credits for the Mustang Mach-E, colder weather, range concerns and higher interest rates likely negatively impacted EV sales at the start of the year.

Ford has had to revamp its EV game plan, ramping up investments in the space and scaling back production for models like the Lightning EV pickup.

Ford CEO Jim Farley previously discussed concerns about the EV landscape with Yahoo Finance in…

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