Ford Motor Co. closed the second quarter with a headline the Street loved and a subplot it didn’t. Total U.S. sales climbed 14.2 % to 612,095 units, nearly ten times the industry’s 1.4 % growth, lifting Ford’s market share to an estimated 14.3 %. But dig into the propulsion mix and a thorn appears: all-electric sales plunged 31.4 % to 16,438 vehicles.
Below we break down the winners, the laggards and the levers Ford plans to pull in the second half.
Truck nation: F-Series best Q2 since 2019, Maverick sets all-time record
- F-Series: 222,459 sold, up 11.5 %, marking the pickup line’s strongest Q2 in six years.
- Maverick: 48,041 units (+26.3 %), almost 60 % conquest buyers—proof Ford’s smallest truck is a showroom magnet.
- Ranger: Up 36.3 % on the strength of the new Raptor trim.
Total pickup volume reached 288,564 (+15.1 %), keeping Ford comfortably ahead of GM in a segment that still prints Detroit’s profits.
SUV surge: Bronco family +45 %, Expedition +44 %
SUV sales leapt 19.6 % to 255,160 as refreshed Bronco, Bronco Sport and large SUVs grabbed share. Expedition posted its best Q2 in 20 years, while Navigator volumes more than doubled.
Hybrids save the electrified headline
Electrified vehicles (EV + hybrid + PHEV) hit a record 82,886 units, but the lift came almost entirely from hybrids:
| Q2 2025 | Units | YoY Δ |
|---|---|---|
| Hybrids | 66,448 | +23.5 % |
| Pure EVs | 16,438 | –31.4 % |
Mustang Mach-E fell 19.5 % to 10,178; F-150 Lightning slid 26.1 % to 5,842; E-Transit collapsed 87.7 % to just 418 vans. Ford blames a six-week Mach-E line retool for high-nickel LFP batteries and “inventory re-balancing” on Lightning. Management says July will see “meaningful Mach-E flow” back to dealers.
Why EV sales shrank—and the fixes Ford claims are coming
- Battery bottlenecks: SK On’s Georgia plant faced yield hiccups; Ford now sources supplemental cells from its Marshall, MI pilot line.
- Price-cut recoil: Three Lightning price trims since 2024 hammered used values, stalling fresh orders.
- Charging anxiety: CCS congestion hit headlines—CEO Jim Farley’s own Route 66 trip went viral for 40-minute top-ups. Ford ships free NACS adapters this quarter, promising Supercharger access to stem defections.
- Model cadence: Lightning’s mid-cycle update and Mach-E GT’s 800 V refresh arrive Q4; Q2 shoppers held back.
Hybrids quietly build a moat
While pure-EVs stumbled, hybrids soared—F-150 PowerBoost and Maverick Hybrid alone added 21,000 incremental sales. Hybrids now represent 10.9 % of Ford’s total mix, up from 9.2 % a year ago, giving dealers a lower-risk path to ZEV quotas while battery costs stay volatile.
Digital money: Ford Pro software hits 750 k paid seats
Beyond metal, Ford Pro Intelligence grew paid subscriptions 20 % YoY to more than 750,000. Each seat carries ~$25 monthly gross margin, offsetting thinner EV hardware profits. BlueCruise hands-free miles topped 6 million cumulative hours, supporting Ford’s narrative that software, not just vehicles, drives future earnings.
What Wall Street sees next
- Consensus H2 2025 delivery: 1.25–1.30 million units, implying mid-single-digit growth.
- EV mix rebound: Ford guides to “20 %+ electrified mix” in Q4 once Mach-E capacity returns and Lightning “Pro” work-truck incentives kick in.
- Gross-margin pressure: UBS warns Lightning discounts and NACS retrofit costs could shave 90 bp off Model e margins in Q3—even with higher truck volumes.
Shares rose 3.2 % on the sales beat but remain down 11 % YTD as investors await proof that EV execution can match ICE momentum.
Ford’s Q2 2025 sheet is a tale of two powertrains: booming trucks, SUVs and hybrids on one side; a retrenching EV play on the other. If battery supply stabilizes and Supercharger access lands without hiccups, the Detroit icon could parlay its hybrid moat into a stronger second-half EV bounce. Until then, the Blue Oval’s growth story is written in gasoline, diesel—and increasingly—electrons blended with unleaded.
