03:28 PM EDT, 09/05/2024 (MT Newswires) -- Ford Motor ( F ) on Thursday reported a 13% annual gain in its US vehicle sales for August amid gains in hybrid and electric vehicles.

The automaker sold 182,985 vehicles last month, up from 161,300 a year earlier. Hybrid vehicle sales jumped 50% to 16,394, while EV sales surged 29% to 8,944. Internal combustion vehicle sales grew 9.9% to 157,647.

Last month, the company outlined plans to reduce spending on pure EVs in a move that could cost it up to $1.9 billion as it adapts to shifting market dynamics and increasing demand for hybrids. "We're committed to creating long-term value by building a competitive and profitable business," Chief Financial Officer John Lawler said at the time.

Sport-utility vehicle sales in August increased 14% year over year to 76,810 units, while truck sales gained 12% to 103,011. Car sales soared 55% to 3,164, according to data posted on the company's website.

Sales of the Ford Explorer SUV nearly doubled at 16,893 in August, while F-150 Lightning electric pickup sales soared to 2,654 from 1,018. F-Series truck sales grew 12%, while Ranger ballooned 174%. The Transit Connect, Transit and E-Series trucks logged decreases. Ford Edge SUV sales fell 54%, while Expedition saw an 18% decline.

Ford shares were down 2.1% in Thursday late-afternoon trade.

The company's 2024 US vehicle sales through August have increased 4.3% year over year to about 1.4 million units, according to the data.

Late July, Ford posted second-quarter earnings that missed Wall Street's views amid higher warranty costs and expenses. Earlier that month, the company announced plans to expand the production of its F-Series Super Duty pickup trucks with a roughly $3 billion investment at its Oakville facility in Canada.

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