Ford Faces EV Sales Slump
  • 9 months ago
Ford is facing an electric vehicle inventory problem, with an excess supply of Mustang Mach-Es and F-150 Lightning pickup trucks compared to the demand. Data from analytics firm Cloud Theory shows a significant drop in the turn rate of Mach-E inventory, from 86.4% in the second quarter of 2022 to 27.7% in 2023, despite having more inventory available. Mach-E sales fell by 21% in the second quarter of this year compared to last year. The turn rate for Lightning inventory has also declined, with only 39.3% sold within 30 days in the second quarter of this year. Ford is targeting EV production of 600,000 vehicles this year but is likely to face losses of at least $3 billion and won't turn a profit on the segment for three years. Other automakers, including Tesla and GM, have also faced challenges matching EV production with demand. Industry analysts suggest that the EV market is reaching a plateau as it moves beyond early adopters, making further growth more difficult.
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