News: Pretty Good May

Reports from May are showing mostly good things for automakers and the market. We will keep the data coming as we find it. May flowers and all of that.

--

Ford's EV and Hybrid Sales Surge in May

Ford enjoyed an electrifying May, and its sales really surged. Maybe EVs and Hybrids are BOLTING to the top of its market share (did you know their electric truck is called the Lightning?!).

• Overall Sales Growth: Ford's U.S. vehicle sales rose 11.2% in May.
• EV and Hybrid Boom: Sales of hybrid and electric models soared by 65%, reaching 26,600 units.
• Market Share: EVs and hybrids now constitute 14% of Ford's 190K total sales.
• Model Performance:
  • F-150 Lightning: Sales nearly doubled.
  • Mustang Mach-E: Sales increased by 46% year-over-year.
• Future Plans: Ford aims to offer hybrid options across North America by 2030.
• Year-to-Date Sales: Total sales reached 877,685 units, with a 10% rise in SUV sales.

The fully electric division is losing money, but Ford is pumping up the more profitable hybrid division to increase revenue. It's like selling lemonade to buy more lemons because when life gives you lemons, you make lemonade to sell and buy more lemons (no, wait, that can't be right).

📉 At the time of writing, Ford Motor Co. is down 0.58% in the market.

Nio's Impressive May Deliveries and New Factory Approval

Nio crushed May deliveries with a 233.8% increase and a new factory, ready to rival Tesla in China. Despite stock challenges, Nio's strategic expansions and innovations position the company for significant growth.

• May Deliveries: 20,544 vehicles were delivered in May 2024, a 233.8% increase year-over-year.
• Vehicle Breakdown:
  • Premium Electric SUVs: 12,164 units
  • Electric Sedans: 8,380 units
• Cumulative Deliveries: A total of 515,811 vehicles delivered.

Expansion and Innovations:

• New Factory: Nio approved to build a third factory in Huainan, China, boosting capacity to 1M cars annually, close to Tesla's Shanghai output.
• New Brand: The Huainan facility will primarily produce vehicles for Nio's affordable Onvo brand.
• Autonomous Driving: Received approval for autonomous driving tests in China, enhancing its competitive edge in the EV market.

Maybe you aren't worried about Chinese automakers coming to the U.S. and selling $15K EVs to your community. That's okay. However, if Tesla ever gives up on competing in the Chinese market, a lot more of its attention will be invested in selling $50K EVs to people in your community, so we keep our eyes open.

⚖️ At the time of writing, Nio is unchanged in the market.

Volvo's Electric Push Boosts May Sales and Unveils EX90 SUV

Volvo's May sales are up 13%, and this is led by the new EX90 SUV. The company's commitment to electrification is evident in its sales growth and the introduction of the high-tech EX90 SUV, setting the stage for a sustainable future.

Sales Performance:

• Overall Sales Increase: 13% rise in May, reaching 68,034 vehicles.
• Electric and Hybrid Surge: 37% increase, with these models now making up 48% of total sales.

Product Launch:

• EX90 Electric SUV:
  • Manufactured in: South Carolina
  • Notable Features: Advanced tech, safety, and a 300-mile range
  • Price Range: $76,695 to $86,545
  • Capabilities: Spacious interior, fast charging, and up to 4,850 lbs towing capacity

Strategic Goals:

• Sales Target: Aiming for 50% EV sales by mid-decade and full electrification by 2030.
• Market Adjustments: Despite sales drops in the U.S. (5%) and China (1%), Volvo remains committed to its electric future.

We don't play favorites, but there is something to notice about Volvo hardly popping up in the headlines. Each time they do, it's to say, "Our plan is working," and then they dip again.

📈 At the time of writing, Volvo AB is up 2.73% in the market.

--

Projections are about the future, data is about the past, and news is about as close to the present as we can get. So, forgive us when we say “News” about data reports coming out. Words are wonderfully complicated sometimes.