Ford's February EV Slump: Why the F-150 Lightning is Losing Charge

Ford’s F February sales data points to a slowdown in its electric vehicle (EV) business, led by a sharp decline in F-150 Lightning sales. Ford sold just 2,122 electric vehicles in February, marking a 71% year-over-year decline. F-150 Lightning sales plunged more than 76% to 522 units. The Mustang Mach-E also saw demand soften, with sales falling about 55% to 1,502 units, while E-Transit van sales tumbled nearly 95% to just 98 units.

The broader picture looks less dramatic, but still shows softness. Total Ford sales slipped 5.5% to 149,962 units in February. Internal combustion engine vehicles remained the company’s backbone, with 135,830 units sold, essentially flat from last year. Hybrid vehicles totaled 12,010 units, though even that segment declined about 22%. Traditional and hybrid models are driving the bulk of Ford’s sales volumes as EV demand weakens.

The F-150 Lightning’s Reality Check

The Lightning’s trajectory is particularly striking. When Ford first introduced the electric pickup, it was widely seen as a symbol of the future of American trucks. But the reality has proven more complicated. High battery costs and interest rates have made the vehicle expensive to build and harder for buyers to justify. As demand cooled, Ford had to scale back production plans, reduce factory shifts and adjust output to prevent excess inventory.

The automaker has recalibrated its strategy. Ford is no longer producing a fully electric version of its F-150 pickup, with future versions expected to incorporate hybrid elements, including a gas-powered generator.

Ford’s EV Reset

Ford is shifting its focus toward profitable hybrids and traditional vehicles while narrowing its pure EV efforts. Slower EV adoption, changing U.S. regulations under the Trump administration, and rising costs are forcing Ford to rethink priorities. Large electric pickups in North America— a segment where Ford bet heavily— have seen weaker adoption.

Going forward, Ford plans to concentrate its EV efforts on smaller, more affordable models built on its upcoming Universal EV Platform, which aims to deliver higher-volume electric vehicles at lower costs.

Ford Is Not Alone

Across the industry, automakers are admitting that EV demand—especially in the United States—has not lived up to expectations. The United States has started to lag behind in EV adoption, largely due to weaker government support. That gap widened further after the Trump administration rolled back incentives and regulations meant to boost EV sales. A key tax credit—worth up to $7,500 for qualifying EVs and plug-in hybrids—expired in September, removing an important demand driver.

Other auto giants like General MotorsGM and StellantisSTLA are also realigning their strategies.

Ford’s closest peer, General Motors, has responded decisively to slower-than-expected EV demand. The company sold its stake in the Ultium Cells Lansing plant and pivoted some assembly capacity from EVs back to ICE vehicles. While General Motors took $7.6 billion in charges in the second half of 2025 to reduce EV capacity, these actions are expected to lower fixed costs. 

Italian-American automaker Stellantis is rethinking its EV vision in the United States. Its RAM brand discontinued its planned all-electric pickup and delayed the Ramcharger EREV to late 2026. Stellantis booked around €22.2 billionin charges for the second half of 2025 amid EV weakness and a pivot to ICE and hybrid vehicles.

F Stock Price, Valuation and Estimates

Shares of Ford have lost 6% over the past six months.

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From a valuation standpoint, Ford trades at a forward price-to-sales ratio of 0.29, way below the industry average. Ford carries a Value Score of A.

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Estimates for Ford’s 2026 and 2027 earnings signal year-over-year growth.

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F stock carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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