Ford secures second in US EV sales after a record Q4 and year in 2023
Ford remained the second top-selling EV brand in the US, behind only Tesla, after selling nearly 26,000 EVs in Q4. The F-150 Lightning was America’s best-selling electric truck in 2023, while the Mustang Mach-E had its best sales year yet.
Ford sold a record 25,937 electric vehicles in the last three months of 2023, up 24% over the third quarter.
The American automaker sold a total of 72,608 EVs in 2023 (+18% YOY), a new record. The growth was enough to remain the second top-selling EV brand behind Tesla.
After electric truck sales soared nearly 75% in Q4, Ford’s F-150 Lighting was the best-selling electric truck. Ford sold 11,905 Lightning models in Q4 for a total of 24,165 in 2023.
The Mustang Mach-E was the second best-selling electric SUV in the US, with 40,771 units sold last year, another record. Ford’s E-Transit was the best-selling electric van, with sales of 7,672 in 2023 (+18% YOY).
“I am especially proud Ford remained the No. 2 EV brand in America,” Ford’s CEO Jim Farley said.
Ford remains second in US EV sales amid record Q4
Ford edged out GM, which sold 19,469 EVs in Q4, down slightly from the previous quarter. GM ended production of its top-selling Bolt EV as it ramps production of its Ultium vehicles.
Hyundai, which doesn’t provide an exact breakdown, sold nearly 47,000 IONIQ 5 and IONIQ 6 EVs last year, a record of its own. However, these numbers don’t include the Kona electric. With Kia and the Kona EV included, Hyundai Motor Group likely topped Ford in EV sales last year.
As demand continues building for the Lightning electric truck, Ford spokesperson Martin Gunsberg told Electrek the company is “making adjustments to pricing, production, and trim packages.”
2024 Ford F-150 Lightning prices start at $54,995, $5K higher than last year’s base model. The entry-level 2024 F-150 Lightning Pro features up to 240 miles EPA-est range. Other trims, except the Platinum, saw increases between $2K (Lariat 320 mile range) and $7,500 (XLT 240 mile range).
The Platinum trim is the only model receiving a price cut. It will be $7,000 lower than last year’s model. The Platinum Black is $5,000 less than the 2023MY.
Ford added a new Flash trim with 320 miles range, a tech-oriented cabin, and a heat pump. It also comes with Ford’s Tow Tech package and Power Tailgate. Although it was initially expected to start under $70K, the new starting price is $73,495.
Gunsberg explained that the adjustments are to “achieve the optimal mix of sales growth, profitability, and customer access to the IRA tax benefit.”
Ford is also updating the 2023 Mustang Mach-E with $7,500 available in Red Carpet Lease Cash.
Electrek’s Take
Despite a record year, Ford is scaling back EV plans. Ford’s CFO, John Lawler, said Ford is “slowing down several investments,” including around $12 billion in EV spending.
Lawler added Ford is “changing the pace and flow” of capital and EV capacity put into place at the 2023 Barclays Global Automotive & Mobility Conference in November.
This includes reducing planned production at its Marshall plant by roughly half, cutting inverter and motor capacity, and scaling back on plans to integrate vertically.
Ford, like Toyota, is leaning into its hybrids amid rising EV competition. Ford’s hybrid sales outshined EVs, with over 37,000 sold in Q4. The automaker sold more than double the amount of hybrids (133,743) than EVs (61,575) last year.
EVs only accounted for 3.64% of Ford’s total vehicle sales. Meanwhile, hybrids accounted for 6.7%, leaving nearly 90% as gas-powered ICE vehicles.
Although Ford placed second in US EV sales, Tesla was first by a wide margin. Tesla delivered a record 484,507 EVs in the fourth quarter to beat its 1.8 million guidance for 2023.
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Rivian founder and CEO RJ Scaringe has posted another interesting facet into the design of the American automaker’s upcoming R2 BEVs. As you’ll see below, the Rivian R2’s body harness has been significantly reduced in size, weight, and connections to enable lower assembly costs and an overall more environmentally friendly build.
If you’re not following RJ Scaringe on social media, you’re missing out. While some CEOs shy away from social media (aside from the guy who bought Twitter to create his own toxic echo chamber), Rivian’s founder has used such platforms to share interesting company progress.
In the past month, much of Scaringe’s content has pertained to the design and development of Rivian’s upcoming R2 model, and we have been all about it. In the past two weeks, RJ has shared a peek at the company’s new Maximus drive unit and photos of the R2 validation builds on a pilot line at the automaker’s facility in Normal, Illinois.
Last week, Scaringe took to Instagram and X once again to share a better look at the inner workings of the Maximus drive unit. The unit was designed to be more compact and efficiently built to help reduce the cost-per-unit production for the Rivian R2 assembly process.
Today, RJ posted more evidence of how much more optimized components of the R2 design will be.
The body harness design of the R2 is significantly simpler
RJ posted the comparison image above to Instagram this afternoon, detailing just how much more streamlined the R2’s body harness design will be compared to the Gen 2 R1 BEVs. The Rivian CEO elaborated with the following caption:
The R2 harness improves massively over the R1 Gen 2 harness. Building on the backbone of our network architecture and zonal ECUs, we focused on ease of install in the plant and overall simplification through integrated design — less wires, less clips and far fewer splices!
Simplified indeed, this reimagined body harness cuts serious weight and connectors. The front section of the body harness, in particular, truly encapsulates just how streamlined the R2’s design components are becoming. A body harness pic may not be the most exciting news to the general public, but as a BEV enthusiast on the Rivian beat, it’s amazing to see, and we hope RJ will continue to post updates like this going forward.
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JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025.
Michel Euler | Afp | Getty Images
JPMorgan Chase is finally allowing clients to buy bitcoin. But CEO Jamie Dimon is still a skeptic.
“We are going to allow you to buy it,” Dimon said at the bank’s annual investor day on Monday. “We’re not going to custody it. We’re going to put it in statements for clients.”
The decision marks a notable step for the largest U.S. bank, particularly due to Dimon’s history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin’s entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients.
Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with “the sex trafficking, the terrorism.”
“I don’t think you should smoke, but I defend your right to smoke,” Dimon said. “I defend your right to buy bitcoin.”
A JPMorgan spokesperson declined to elaborate on the bank’s specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin.
When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as “worthless.” He told lawmakers during a Senate hearing in late 2023 that he’s “always been deeply opposed to crypto, bitcoin, etc.,” and that, “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” He said at the hearing that, “If I was the government, I’d close it down.”
At the 2024 World Economic Forum in Davos, Dimon said, “Bitcoin does nothing. I call it the pet rock.” He added that, “This is the last time I’m talking about the with CNBC, so help me God.”
Morgan Stanley CEO Ted Pick told CNBC at this year’s event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump.
Since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve.
Genesis is preparing to introduce its new flagship EV, the GV90. The brand’s largest, most luxurious electric SUV already looks stunning. The Genesis GV90 was spotted with less camo ahead of its debut, giving us a sneak peek of the “ultra-luxe” EV.
Genesis GV90 EV sheds camo during testing
We got our first look at the flagship Genesis model last March with the Neolun concept, a preview of its first full-size electric SUV.
Inspired by Korea’s iconic moon-shaped porcelain jars, the Neolun Concept is “the epitome of timeless design and sophisticated craftsmanship,” according to the luxury brand’s creative officer, Luc Donckerwolke. Genesis calls it “the ultra-luxe vision of luxury SUVs.”
The GV90 is not just a stunning-looking vehicle. It will also serve as a tech beacon for Genesis with Hyundai Motor’s most advanced software and tech, including a massive 24.6″ infotainment.
This is all great, but the feature that caught the most attention was GV90’s coach doors. Ahead of its debut, we’ve seen the GV90 out in the wild for testing a few times, including with coach doors.
Genesis claims B-pillarless coach doors are now feasible in production vehicles, hinting they will be offered on the production model. However, the feature is expected to only be offered on higher-priced trims.
Most recently, the Genesis GV90 EV was caught by the folks at SH Proshots testing at the Nürburgring with notably less camo. The new images (via TheKoreanCarBlog) give us our best look at the flagship electric SUV, and it already looks like a stunner.
A few design elements, like the two-line LED headlamps, are shown, while you can see a good outline of the vehicle’s profile.
Like the concept, the GV90 appears to retain its minimalistic design shown in the Neolun concept. With an extended wheelbase, you can clearly see the size difference compared to its other EVs, like the GV60 or Electrified GV70.
The full-size electric SUV is expected to be the first Hyundai Motor model to ride on the new eM platform, which is set to replace the current E-GMP underpinning current Kia, Hyundai, and Genesis EVs.
Although production was slated to begin later this year at Hyundai’s Ulsan plant in South Korea, a recent report from The Korea Economic Daily claims Hyundai’s new development plan now calls for it to begin in June 2026.
Prices and final specs will be revealed closer to launch, but the GV90 is expected to start at around 100 million won ($80,000) in Korea. More premium trims could cost over 200 million won ($160,000).
Source: TheKoreanCarBlog, SH Proshots
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