Ford Motor Co (NYSE: F) on Wednesday reported a sequential jump in Mustang Mach-E sales in March, even as gas-powered versions of the vehicles dropped significantly amid semiconductor shortages and production halts.
What Happened: The Dearborn, Michigan-based company sold 2,363 Mach-Es in March, a jump of about 18% over February but a decline of 10% year-on-year.
Ford began selling the Mach-E, its first all-electric crossover, in December 2020. At the time, the automaker sold just three units of the model.
For the first quarter of 2022, Ford sold 6,734 Mach-Es, 1.8% higher than a year earlier. Sales, however, fell 18.7% from the fourth quarter of 2021.
The Mustang Mach-E competes with Tesla Inc’s (NASDAQ: TSLA) Model Y compact crossover.
See Also: Ford Mustang Mach-E Sales Nearly Halve In February, Mark Bigger Drop Than Gas-Powered Version
Gasoline Version Sales: Ford’s iconic gas-powered Mustang sales came in at 3,615 units in March, a decline of 50.5% year-on-year and 23% from the previous month.
For the first quarter, Ford sold 13,986 gas-powered Mustangs, a 19% fall from a year earlier, but 23.2% higher on a sequential basis.
Ford currently makes the Mach-E for the U.S. and European markets at a plant in Mexico and recently started delivering locally made models in China.
The legacy automaker is expected to begin commercial production of the F-150 Lightning — the electric version of its best-selling truck in the spring.
Ford had last month split its EV and internal combustion businesses as it looked to boost profit margins and improve operational efficiency.
Price Action: Ford stock closed 0.06% higher at $16.6 a share on Monday.
Photo courtesy: Ford
