A banner promoting the Ford Mustang Mach-E electric vehicle is displayed at a Ford dealership on August 21, 2024, in Glendale, California.
DETROIT – Ford Motor Co. has lost its lead in electric vehicle (EV) sales to General Motors during the third quarter, as Ford’s EV growth decelerated. Ford reported a 0.7% increase in third-quarter U.S. new vehicle sales, which includes a 12.2% rise in EV sales compared with the previous year.
These third-quarter results contributed to a 45% increase in Ford’s EV sales this year through September, totaling 67,689 units. By contrast, General Motors reported EV sales of 70,450 units through September, marking a roughly 60% year-over-year increase in the third quarter.
Despite these changes, both Ford and GM continue to lag behind Hyundai Motor, including Kia, by approximately 18,000 units or more in EV sales. The South Korean manufacturer remains a distant second in U.S. EV sales to market leader Tesla.
General Motors has been expanding its EV lineup, offering eight “Ultium-based” models, reflecting its electric vehicle architecture and battery technologies. Meanwhile, Ford currently has three EVs and is placing greater emphasis on expanding its hybrid vehicle models in the short term.
According to Andrew Frick, president of Ford Blue and customer service, “Different lifestyles and use cases require unique types of power. We’ve listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy.”
While Ford has scaled back its near-term EV plans, executives such as CEO Jim Farley continue to emphasize the brand’s strong sales ranking. Ford maintains its position as the second-best seller behind Tesla, according to the company.
Industry forecasts suggest that Ford may have outpaced the overall auto sales decline in the third quarter. Projections from Cox Automotive and Edmunds estimate a roughly 2% decrease in industrywide vehicle sales compared to the previous year.
Ford’s gains have been driven by its EV and hybrid models, which combined accounted for 14% of its third-quarter sales. Sales of traditional vehicles for Ford declined by 2.8% year-over-year.
For the year through the third quarter, Ford’s U.S. sales increased by 2.7% compared to the previous year, amounting to over 1.5 million vehicles sold.
