Ford Motor Company has unveiled its fourth-quarter sales figures, revealing a notable 2.7% year-on-year uptick in total vehicle sales, which soared to 545,216 units. The surge in sales of more budget-friendly truck models effectively counterbalanced the downturn in electric vehicle (EV) sales. Specifically, Ford's truck segment experienced a 5.4% sales increase, making up for the 2.5% decline observed in SUV sales. Notably, the sales of two of its affordable truck offerings, the Maverick and Ranger, skyrocketed by 54% and 46%, respectively.

In the broader automotive landscape, sales of vehicles powered by internal combustion engines witnessed a 4.8% rise, whereas EV sales plummeted by 52%. Conversely, hybrid vehicle sales demonstrated resilience, climbing by 18%. The fluctuation in EV sales can be attributed to the expiration of the federal tax credit for electric vehicles on September 30, following the enactment of a new tax law in July. This policy change triggered a pre-expiration surge in EV purchases, succeeded by a steep decline.

Last month, Ford disclosed that, owing to the diminished demand for electric vehicles, it anticipates incurring a charge of roughly $19.5 billion, predominantly linked to its electric vehicle operations.