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% increase in EVs compared with a year earlier.
The third-quarter EV sales for Ford contributed to a 45% increase in EV sales in 2024 through September to 67,689 units. That compares to GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% increase during the third quarter.
Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by 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.”
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.
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