August was a big month for Ford Motors, as sales increased 27%.
Key Details
- August was a good month for Ford. The company offers three electric vehicle (EV) models and sales for each one skyrocketed.
- The Detroit-based automaker reported its monthly sales last week showing the Mach E sales were 3,120, up about 115% year over year. F-150 Lightning and e-Transit sales were 2,373 and 404 units, which is good considering these two were released this year.
- Overall, sales in August rose about 27% year over year as the company continued to recover from supply-chain problems.
- Ford stock rose 1.3% in trading Friday, after the announcement.
Why it’s news
Ford recently set major goals on EV production. The company says it will have enough battery capacity to produce 600,000 EVs per year by 2023.
The car company announced that it has secured battery capacity and raw materials that will help it reach its targeted annual run rate of 600,000 electric vehicles by 2023 and more than 2 million a year by 2026. It also plans for more than half its global production to be EVs by 2030.
Backing up a bit
Ford has been working to obtain its EV goals. In order to do that, they have to cut employees who cannot advance them farther into the EV space.
Ford announced that it will cut 3,000 employees, mostly in North America and India, as it restructures to catch up in the race to develop software-driven EVs.
Ford CEO Jim Farley has previously said that he believed the company was employing too many people and not all of them were skilled in EV production.
The company is starting to cut its workforce to continue its transition.
