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Dearborn-based Ford Motor Co (NYSE:F) is now prioritizing hybrid vehicles in a bid to diversify its offerings and withstand the dwindling demand and price war within the EV market.
What Happened: “We’re learning about the importance of choice. Our growth in the first quarter in hybrids is a good example” Ford CEO Jim Farley said during the company’s first-quarter earnings call on Wednesday.
Ford’s global hybrid sales were up 36% year-on-year in the first quarter and the company is eyeing a growth of 40% for 2024.
Competition From Foreign Players: The U.S. hybrid market is dominated by foreign players like Toyota and Honda. Ford is ranked below the two but is optimistic about carving out a share of the market for itself.
“Our hybrid capacity is in trucks. That’s where most of our hybrid sales are in North America. And we don’t see a lot of competition so far for that business. We’ll see over time,” Farley said.
Ford is now looking to offer hybrid options across its lineup. The process, Farley says, does not require inventing new powertrains.
“It doesn’t require wholesale inventing new powertrains. But it does involve some engineering and investment in capacity. I would say kind of modest investments, mostly in the capacity side and some engineering,” he said.
Other U.S. Players And Hybrids: Tesla CEO Elon Musk on Tuesday slammed the decision of other car manufacturers to pull back on EVs and offer hybrids instead.
“We believe this is not the right strategy and electric vehicles will ultimately dominate the market,” Musk said.
Detroit-based General Motors does not offer any hybrids in the U.S. as of now. However, in February, GM CEO Mary Barra said that the company plans to introduce plug-in hybrid technology in select North American vehicles in the coming years despite its vision to stop selling combustion-engine light-duty vehicles by 2035. For 2024, however, pure electric vehicles are the focus, she added.
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