Ford today announced the 2022 July sales, showing the automaker’s continued push into the electric car market. In fact, rising Ford EV sales propelled the automaker to become the best-selling brand this past month.
In every effort to topple the king of electric cars, Tesla ($TSLA), old car manufacturers is turning its efforts to electric cars. As companies try to find their niche, Ford is successfully turning favorite brands into EVs.
For example, Ford ($F) transformed the American muscle car Mustang Mach E, to the EV power plant. Then Ford took it further and brought it Ford F-150 lighting to the shop. Between the two releases, Ford is selling EV models as fast as it can build them.
Finally, the Ford Transit (cargo van) continues to dominate its class, even as an electric car. Ford E-Transit manufactures up to 95 percent electric van markets until July.
As Ford’s electric car sales grow rapidly, the company is gaining market share. In fact, Ford is now the second best-selling EV brand in America Tesla. In July, the company achieved a 10.9% share of the electric car market, the highest to date.
Tesla remains the dominant leader in electric cars more than 60 percent BEV markets. However, as old cars continue to enter the market, healthy competition is emerging.
Ford’s July sales of electric cars boosted market share
Ford EV sales rose 168.7% in July, outpacing the EV market by three times. In addition, demand for all EV models was strong.
- Mustang Mach-E sales rose 74.1 percent.
- The F-150 Lightning had the best month since its release
- E-Transit claims more than 95% of the electric van market.
Best of all, Ford doesn’t expect the momentum to slow. In the company Q2 earningsthe car manufacturer said that by 2026 expects a 90% compound annual growth rate (CAGR) for its EV models.
The company continues to provide battery capacity and raw materials to achieve its goal. Ford has already purchased 70% of the battery capacity, aiming for 2 million annually over four years.
Ford is investing more than 50 billion during this period. USD into EVs to continue their success.
Subscribe to Electrek on YouTube for exclusive videos. and subscribe podcast.