Ford released its February 2022 sales report, announcing a 55.3% increase in electrified vehicles sales through February. According to the legacy automaker, its electric vehicles sales are growing fast.
Ford’s electrified vehicle conquest rates climbed to 54%, 13 percentage points higher compared to February 2021. Ford Pro recorded its first sales of the all-electric E-Transit van in February. The legacy automaker has more than 10,000 orders for the electrified E-transit from commercial clients, such as Walmart.
Ford sold 4,371 Mustang Mach-E vehicles in January and February. Approximately 2,001 Mustang Mach-E vehicles were sold in February 2022, down by 46.5% compared to February 2021 when Ford sold 3,739 units of the all-electric crossover. In January, Ford sold 2,370 Mustang Mach-E vehicles.
On March 2, 2022, Ford introduced its “Ford Blue” and “Ford Model e” businesses. The two new distinct yet strategically interdependent auto businesses and the Ford Pro business make up the Ford+ plan, which CEO Jim Farley introduced back in May 2021. Ford Pro is the automaker’s moniker for its commercial and government accounts.
“Ford Model e will be Ford’s center of innovation and growth, a team of the world’s best software, electrical and automotive talent turned loose to create truly incredible electric vehicles and digital experiences for new generations of Ford customers,” explained Farley.
“Ford Blue’s mission is to deliver a more profitable and vibrant ICE business, strengthen our successful and iconic vehicle families and earn greater loyalty by delivering incredible service and experiences. It’s about harnessing a century of hardware mastery to help build the future. This team will be hellbent on delivering leading quality, attacking waste in every corner of the business, maximizing cash flow, and optimizing our industrial footprint,” he added.
Ford expects to have a global capacity to produce 600,000 battery electric vehicles annually by late 2023. It set a guidance for 2022 of $11.5 billion to $12.5 billion in company adjusted EBIT. With the introduction of Ford Model e and Ford Blue, the company raised its longer-term operating and financial targets, listed below.
- Company adjusted EBIT margin of 10% by 2026, a 270-basis-point increase over 2021– driven by higher volumes, improvement in the cost of EVs, and a significant decline in ICE structural costs of up to $3 billion
- More than 2 million electric vehicles produced annually by 2026, representing about onethird of Ford’s global volume, rising to half by 2030, capturing with EVs the same, or even greater, market shares in vehicle segments where Ford already leads
- In addition, Ford expects to spend $5 billion on EVs in 2022, including capital expenditures, expense and direct investments, a two-fold increase over 2021