By Nora Eckert
DETROIT (Reuters) – Ford Motor (F) is trying to get more managers to buy electric vehicles, according to an internal email sent by the automaker last week and reviewed by Reuters.
The Dearborn, Michigan-based company has changed a leasing program it offers eligible current and former managers, now requiring them to order an electric Mustang Mach-E SUV or an F-150 Lightning pickup truck if they wish to lease a supplemental vehicle. Workers are entitled to a certain number of rental vehicles, typically one to two depending on their level of management, before ordering an additional car.
This is the first time Ford has restricted employee purchases of electric vehicles to the supplemental leasing program, a company spokesperson said.
“By encouraging our employees to drive an electric vehicle through the optional program, they can learn first-hand how easy it is and better share their experiences with friends and family – a key way to increase familiarity with new technologies,” he said. the spokesperson.
Ford has thousands of managers, but the company declined to say how many would be affected by the policy change. Vehicles rented by Ford managers count as sales to the automaker.
Sales of the F-150 Lightning have been slower than Ford CEO Jim Farley initially projected. After twice expanding production capacity at the F-150 Lightning factory and adding a third shift to the facility, Ford cut production of the electric truck in half earlier this year.
Farley expected the plant to produce trucks at an annualized rate of 150,000 vehicles before rolling back those goals last year. Ford sold about 24,000 Lightnings in 2023 and about 41,000 Mach-E SUVs in the same year.
Ford has cut prices on the Mach-E and Lightning several times since the start of 2023 to stimulate demand and compete with price cuts made by electric vehicle leader Tesla.
Although the growth rate of EVs has slowed, demand for hybrids has soared. Sales of Ford hybrids increased by 25.3% in 2023 compared to the same period in the previous year, outpacing the growth in EV sales, which increased by 17.9% in the same period. Ford is expected to release first-half sales results on Wednesday.
Farley has increasingly emphasized his focus on hybrid production in recent months, saying these vehicles will be a substantial part of Ford’s portfolio in the near future.
If employees drive a supplemental rental vehicle other than Ford’s two designated EVs, they must return the vehicle or purchase it by May 15, 2025, the email sent to managers states.
(Reporting by Nora Eckert; Editing by Aurora Ellis)
