A banner advertises the Ford Mustang Mach-E electric vehicle at a Ford dealership on August 21, 2024 in Glendale, California.
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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.
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.
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.
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“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.”
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.