Ford plans to accelerate its pivot to gas-electric powertrains by doubling hybrid F-150 production in 2024, the automaker revealed as it debuted its 2024 F-150 lineup this week.
Ford plans to equip 20% of its top-selling model line in the U.S. with hybrid powertrains by 2024, according to Reuters. The hybrid powertrain will cost the same as a six-cylinder combustion powertrain for the 2024 model year, Ford says.
While the automaker didn't release specific production figures, CNBC reported that the automaker will likely produce tens of thousands of additional hybrid vehicles.
Hybrid powertrains currently account for 10% of F-150 sales, Ford Blue unit Vice President Andrew Frick told Reuters.
If sales meet expectations, Ford's hybrid F-150 could rank among the top-selling gas-electric models in the U.S. Kumar Galhotra, president of Ford’s traditional “Blue” business unit, told CNBC he believes the F-150 could become the best-selling hybrid in North America, a crown historically owned by Toyota’s RAV 4 and Prius.
Toyota Tundras are also available with a hybrid system. The automaker's sales data reveals hybrid powertrains were selected for roughly 24% of 59,735 Tundra sales in the U.S. through June 30th. Ford sold six times more F-series trucks over that same period, Reuters reported.
Ford's shift toward hybrid technology differs from General Motor's all-electric strategy for its U.S. vehicle lineup, Reuters reported.
Soft electric-vehicle sales have led the shift to hybrids. According to Reuters, industry executives claim consumers are pushing back against high-priced EVs and are worried about driving range and charging.
Hybrid truck sales could help Ford meet tougher U.S. climate emissions regulations if the demand for EVs like the F-150 Lightning pickup fall short, Reuters pointed out