A banner advertises the Ford Mustang Mach-E electric vehicle at a Ford dealership on August 21, 2024 in Glendale, California.
- Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV sales growth slowed.
- Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% increase in EVs compared to a year earlier.
DETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.
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Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.
The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units. That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.
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Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more. The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.
GM has been significantly increasing its number of EV models, including by offering eight "Ultium-based" EVs for consumers — referring to its electric vehicle architecture and battery technologies. Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.
"Different lifestyles and use cases require unique types of power," Andrew Frick, president of Ford Blue and customer service, said in a release. "We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy."
Money Report
While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand's ranking in sales.
The Ford brand maintains its No. 2 sales position behind Tesla, according to the Detroit automaker.
Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry. Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.
Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter. Traditional vehicles for the automaker were down by 2.8% year over year.
Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.
