Ford requires more managers to buy EVs through leasing program to increase familiarity, sales

From Investing.com: 2024-07-02 15:55:34

Ford Motor is requiring more managers to buy electric vehicles through a new leasing program. Managers must order an electric Mustang Mach-E SUV or F-150 Lightning pickup as a supplemental vehicle. The company hopes this will increase familiarity with EV technology among employees and their families.

Ford will restrict managers to buying EVs for the supplemental lease program, marking a first for the company. The change will impact thousands of managers, with leased vehicles counting as sales for Ford. CEO Jim Farley had initially high projections for the F-150 Lightning, but sales have been slower than expected.

Faced with slower EV growth, Ford has seen a surge in demand for hybrids. Sales of Ford hybrids increased 25.3% in 2023, outpacing EV sales growth of 17.9% during the same period. Ford has slashed prices of the Mach-E and Lightning multiple times to boost demand and compete with Tesla’s pricing.

Ford CEO Jim Farley is focusing on hybrid production as a key part of the company’s future portfolio. Employees driving non-designated supplemental lease vehicles must return or buy their cars by May 15, 2025, according to an internal email. Ford is set to release first-half sales results soon.



Read more at Investing.com: Ford urges its managers to buy more EVs with new leasing policy By Reuters