Ford’s third-quarter sales up 0.7% as GM overtakes it in EVs

Ford’s third-quarter sales up 0.7% as GM overtakes it in EVs


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

Mario Tama | Getty Images

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.

Stock Chart IconStock chart icon

hide content

Ford, GM and Tesla stocks in 2024

“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.

Don’t miss these insights from CNBC PRO



Source

New guide to wealth terminology aims to ‘counteract some of the BS’ for investors
Business

New guide to wealth terminology aims to ‘counteract some of the BS’ for investors

Senior woman looking on cell phone at sidewalk cafe. Yuliya Taba | E+ | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. A leading advisory group to the wealth […]

Read More
Restaurants are adding dozens of new spicy menu items in a bid for younger diners
Business

Restaurants are adding dozens of new spicy menu items in a bid for younger diners

Chipotle Mexican Grill’s new Adobo Ranch dip Source: Chipotle Mexican Grill Restaurant brands are hoping hot new menu items will drive visits among younger costumers. Hot, in this case, is literal. Spicy items like chicken sandwiches, seasoned sides and sauces are cropping up more often on menus at major fast-casual and quick-service chains. The idea […]

Read More
Why Black entrepreneurs flock to Martha’s Vineyard every August
Business

Why Black entrepreneurs flock to Martha’s Vineyard every August

Sign at Martha’s Vineyard Airport, Massachusetts Cindygoff | Istock | Getty Images Martha’s Vineyard has long been a summer vacation destination for Black families, but August in the Massachusetts beach community is becoming an important hub for Black entrepreneurs, investors and financial firms, too. “I would say the magic of it is really about introducing […]

Read More