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00:00 Josh
Ford reporting a decline in sales in the US as EV sales take a turn. Yahoo Finance’s Pra Subramanian join us now with the very latest. All right, Pra, let let’s dig into these numbers, my friend. So Ford’s US vehicle sales, they drop about 5% in January. The EV sales though Pra, I mean, that collapses, it looks like about 70% Pra? I mean, walk us through this. Is this, is this Ford specific, it’s a Ford story or no, this tells us something broader about the EV market.
00:27 Pras
So, you know, traditionally for automakers including Ford, January’s kind of a down month, right? They kind of a little bit, you know, tend trend a little bit lower after Q4, but this January was down, I think you said 5%, right? So part of that is definitely EVs, Mustang Mach E and F150 Lightning both down a lot. The lightning has been canceled uh as of now and it will come back later on probably as a as a E-Rev as they call it. But I think a big part Josh and we touched on more EV stuff is that the sun setting, Ford sunsetted uh two popular models of Ford Escape and Lincoln Corsair and that really hit their January numbers, right? So it’s not all EVs, but definitely part of it.
00:56 Josh
What just remind us Pros, what is Ford’s broad EV strategy right now? And and how does it sort of, you know, compare, contrast to rivals.
01:04 Pras
So, you know, what happened in the near term, right? You alluded to it, is there a broader EV problem? and that’s definitely the loss of tax credits, things like that. Pull a lot of that EV demand forward. So, you know, we also it’s not just Ford right, it’s a Hyundai and Kia also got their EV uh sales hit. But looking ahead, uh for the near term, you know, if they want to boost sales, they got to look at incentives, maybe things like free charging or or home charges to gen up sales. But long-term Ford is working on a universal EV platform that’s going to be for smaller, cheaper EVs that they say will be profitable, um, you know, when those cars come out, probably in 2027, 2028. But remember, there’s also reports that Ford is talking to Chinese OEMs like Xiaomi to build EVs in the US. So, you know, there’s a lot of smoke there and you might you might actually see that in the coming years.
01:36 Josh
So we talk EVs, what what about the the gas trucks, the Ford SUVs, Pra? How they holding up?
01:43 Pras
I mean, gas trucks are doing pretty well, right? So look at like Bronco up nearly 20%, Explorer up 30. F series trucks down 18%. It’s unclear if that’s due to the Novelis aluminum plant fire and it sort of hit uh sort of hit uh their their production or just seasonal reasons, but but I want to know, you know, in addition to trucks, Mustang sales booming up 50% in the winter. Again, a little unclear, uh but but Ford will take it, right?
02:03 Josh
Broncos and Mustangs, there it is. Pros, thank you.