24/7 Insights
- Ford Motor Co. (NYSE: F) will allow all its dealers to sell electric vehicles.
After years of effort to develop a successful electric vehicle (EV) sales plan and a forecast $30 billion investment, Ford Motor Co. (NYSE: F) has made a decision that could improve its chances of success. EVs will be available at all of its 2,800 dealers. Its earlier Ford Model e EV program required dealers to pay between $500,000 and $1.2 million to prepare their facilities to sell EVs. About 50% of Ford’s dealers signed up.
Ford’s new program gives it a large new advantage. Management said opening 100% of its network means over 90% of Americans will live within 25 miles of a Ford dealership that can sell and service EVs.
Ford’s early efforts at EV sales failed, particularly the sales of its flagship products, the F-150 Lightning and Mustang Mach-E. That has changed recently. Its EV sales rose 64.7% in May to 8,966. Mustang Mach-E sales rose 45.9% in the month to 4,255. Lightning sales rose 91% to 3,260. On a raw number basis, that is well short of Tesla sales, but it shows significant progress.
Ford will still have to contend with challenges to all EV sales. Some people think they are too expensive. Others worry about charging time or about the number of charging stations.
Ford must move on to its next challenge. It must restart its massive efforts to develop, produce, and market EVs, and it will need a much more extensive lineup of models. It has new leverage and a chance to use it.
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