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Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, signaling a slowdown in Ford’s EV growth. Ford reported a 0.7% increase in third-quarter U.S. new vehicle sales, with EVs seeing a 12.2% rise compared to the previous year. Despite this, Ford’s EV sales through September increased by 45% to 67,689 units, trailing behind GM’s 70,450 units. Hyundai Motor, including Kia, remains ahead of both Ford and GM in EV sales by roughly 18,000 units. GM has been actively expanding its number of EV models, offering eight “Ultium-based” EVs, while Ford focuses more on expanding hybrid models in the short term.
“Different lifestyles and use cases require unique types of power,” said Andrew Frick, president of Ford Blue and customer service. Ford’s product strategy aims to cater to specific customer needs, with a focus on offering vehicles with powertrains that meet these demands. Despite de-emphasizing near-term EV plans, company executives highlight Ford’s ranking in sales, maintaining its No. 2 position behind Tesla. Ford’s overall third-quarter sales are expected to surpass industry projections, with gains in EVs and hybrid models accounting for 14% of sales while traditional vehicles saw a slight decline.
Ford’s U.S. sales through the third quarter increased by 2.7% compared to the previous year, totaling over 1.5 million vehicles sold.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
