Ford Motor Co ( F ) shares are in the spotlight Wednesday after the company reported a nearly 7% increase in U.S. sales in the first quarter.

What Happened: Ford reported total U.S. vehicle sales of 508,083 units in the first quarter, up 6.8%. U.S. electric vehicle sales came in at 20,223 units, up 86.1%, making Ford America’s second best-selling EV brand behind Tesla last quarter. Transit van sales totaled 39,890, up 25%. Overall hybrid sales were up 42% on sales of 38,421 vehicles in the quarter.

“Customer reception in the first quarter to Ford's freedom of choice across gas, hybrid and electric vehicles drove company sales and share gains … Across gas and hybrid vehicles, an increasing preference for hybrid trucks and SUVs helped deliver Ford the best-ever quarterly hybrid sales record,” the company said.

Ford noted that hybrid growth is expected to continue as more versions of the new F-150 hybrid ship to dealers. Ford’s F-Series started the year as America's best-selling truck with 152,943 sales.

"The new F-150 will be a big play for us across gas, hybrid and electric vehicle segments of our business," said Andrew Frick, president, Ford Blue.

"With the new F-150 and all-new Ranger sales beginning in March along with the strong performance of our all-new Lincoln Nautilus and Nautilus Hybrid, we're in a strong position to capitalize and grow as we move through 2024. From gas engines to hybrids to electric vehicles, we offer our customers more choices." 

Ford is due to report first-quarter financial results in about a month. The company is currently expected to report earnings of 49 cents per share on revenue of $40.71 billion, according to estimates from Benzinga Pro.

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F Price Action: Ford shares were up 1.47% at $13.46 at the time of publication, according to Benzinga Pro.