Summary
Ford was topped by GM in Q3 electric vehicle sales in the US
GM announced a 60% surge in EV sales in the third quarter
Ford’s Q3 sales numbers showed a 12% increase in EV sales year-over-year
Ford sold 23,509 electric vehicles in the third quarter
Despite being topped by GM in Q3, Ford remains on top through the first nine months of 2024 with 67,689 EV sales in the US
Article
Ford remains the second best-selling EV brand in the US behind Tesla, but General Motors (GM) topped Ford in Q3 electric vehicle sales as the competition intensifies. GM announced that EV sales surged 60% in the third quarter, leading to increased market share. Ford, on the other hand, reported a 12% increase in EV sales year-over-year in Q3, selling 23,509 electric vehicles. Despite being outsold by GM in Q3, Ford maintained its position as America’s number two EV brand in 2024, with 67,689 EV sales through September.
In Q3, Ford saw strong demand for its electric offerings, with the Mach-E model sales at 13,392 and the F-150 Lightning pickup sales increasing by 104.5% to 7,162 units. The E-Transit also remained the best-selling electric van, with 2,955 units sold in the third quarter and 9,256 units sold through September, up 67% year-over-year. GM’s success in the EV market was driven by the launch of new all-electric models such as the Equinox, Blazer, and Silverado EVs, pushing its market share to 9.5% in the US.
To further boost sales and appeal to potential buyers, Ford introduced the “Ford Power Promise” program, offering free home chargers and covering the cost of standard installation for all new EV buyers starting in October 2024. This initiative aims to highlight the benefits of driving an electric car, particularly with home charging, and convert potential buyers who are hesitant about making the switch to electric vehicles. Despite GM outselling Ford in Q3, Ford remained confident in its position as the second best-selling EV brand in the US for 2024.
GM’s success in the EV market can be attributed to its “EV for everyone” strategy, offering electric vehicles in high-demand segments at affordable costs. This has resonated well with consumers, leading to increased sales and market share for GM. In response, Ford is focusing on developing smaller, more affordable EV models to cater to a wider range of consumers. The company has a team in California working on a low-cost platform for future electric models, starting with a new electric pickup set to launch in 2027. Ford has also shifted its focus away from larger electric SUVs to concentrate on smaller models to meet consumer demand.
Despite predictions of an “EV slowdown” in the US, GM and other automakers are demonstrating that there is demand for electric vehicles when the right models are offered at accessible prices. GM’s success in Q3 has fueled its growth in the EV market, while Ford is taking strategic steps to enhance its EV lineup and appeal to a broader audience. With the competition between Ford and GM heating up, both companies are focused on expanding their EV portfolios and increasing sales in the rapidly growing electric vehicle market.
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