Welcome to Extreme Investor Network, where we bring you the latest updates and insights in the world of business news. Today, we are discussing the latest developments in electric vehicle sales, particularly between Ford Motor and General Motors.
In the third quarter, Ford lost its lead in electric vehicle sales to crosstown rival General Motors as its EV growth slowed. However, Ford reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with the previous year. This contributed to a 45% increase in EV sales this year through September to 67,689 units.
On the other hand, General Motors reported EV sales of 70,450 units through September, with a roughly 60% year-over-year rise during the third quarter. Both automakers continue to trail Hyundai Motor, including Kia, in EV sales, with Hyundai being a distant second to market leader Tesla.
GM has been expanding its number of EV models, offering eight “Ultium-based” EVs for consumers, while Ford currently has three EVs and is focusing more on expanding hybrid 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. Ford has been listening to customers and offering vehicles with powertrains to meet their specific needs. Despite de-emphasizing its near-term EV plans, Ford executives have highlighted the brand’s ranking in sales.
Overall, Ford’s U.S. sales in the third quarter were up 2.7% compared to the previous year, with EVs and hybrid models accounting for 14% of its sales. Traditional vehicles for the automaker were down by 2.8% year over year.
As we continue to track the dynamic landscape of electric vehicle sales, stay tuned to Extreme Investor Network for more insights and analysis on the latest developments in the business world. Be sure to bookmark our site for valuable information that sets us apart from the rest.