Ford (F) US vehicles sales fell slightly in November, however the automaker did a post a jump in EV sales. Yahoo Finance’s Pras Submaranian explains the numbers and weighs in what it will take for the competition to come close to Tesla’s EV sales.
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JULIE HYMAN: Forward out with the latest data on its November sales. Here with the details, Yahoo Finance's Pras Subramanian. So what stands out from that data?
PRAS SUBRAMANIAN: So sales are down about 1/2% slightly to 145,000 units. But it's mostly about EV and hybrid sales kind of powering the way for Ford here. EV sales up 43%, nearly 9,000 units. Kind of a sliver to Tesla, but still makes it the number two EV seller in the United States.
Hybrid sales also, sales up 75% to 12,000 units, powered by the Maverick pickup and also the F-150 Lightning-- F-150 hybrid, not the Lightning. Though, sales are doing well as well. And sticking with trucks, sales fell about to 2.83% to around 80,000 units because of the fact that it's possible, they're restarting these plants after the UAW strike. So it might have been a little bit of slowdown there in the beginning the month to get ramped up. But still, a decent month for-- a decent November for Ford. Also, very good EV sales.
JULIE HYMAN: Interesting stuff. But internal combustion overall seeing a decline.
PRAS SUBRAMANIAN: Slight. Yeah, slight.
JULIE HYMAN: Slight decline. So how does this feed into overall Ford's plans when it comes to EVs? As you said, seeing some gains, but still small compared to something like Tesla.
PRAS SUBRAMANIAN: Yeah. I think this is the reality that they are in now is the fact that they know they're going to see the EV transitions happening, just not as fast as they'd like it to. So of course, they pull back some of that spending, pull back some of that build out in the plants. And they're saying, hey, we're going to keep doing this, but maybe at a smaller scale. I mean, we just mentioned you know 9,000 units, that's like a week for Tesla, right? I mean, it's like a very small amount given what the King of EVs is doing. So it's going to take a long time for them to catch up to actually build scale and make money.
JULIE HYMAN: I think I still didn't realize that Tesla was so far ahead in the sheer number of EVs it's selling versus the competition, maybe just because, anecdotally, I've been seeing more like, what do they call it, ID.4 or whatever the VWs or the ionics from Hyundai. Like anecdotally, I feel like I've been seeing a lot more of those.
PRAS SUBRAMANIAN: I think it's a good point. If you add it all up you're seeing a lot of other non-Tesla EVs out there. but then inevitably, you see how many EVs out where you're at, right? [INAUDIBLE].
JULIE HYMAN: Yes, right. Exactly. Yes. And any individual of those isn't up to what Tesla.
JOSH LIPTON: King of EVs, you heard it from Pras.
JULIE HYMAN: Yeah.
PRAS SUBRAMANIAN: Off the cuff here, you know.