5.2 C
New York

Ford claims No. 2 spot in EVs behind Tesla – but gap stays wide


Ford F-150 Lightning pickup trucks sit on the production line on the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.

Bill Pugliano | Getty Images

DETROIT – Ford Motor said Friday that it has achieved CEO Jim Farley’s goal of becoming the second best-selling automaker of electrical vehicles within the U.S.

The Detroit automaker, citing third-party industry data, topped Hyundai/Kia to hit the goal. Tesla stays the industry leader by a large margin, but has been losing market share as more EVs enter the market.

Ford said its share of the electrical vehicle segment was 7.4% through November, up from 5.7% a 12 months earlier.

The corporate reported sales of 53,752 all-electric vehicles within the U.S. through November. Tesla, which doesn’t break out domestic results, reported global deliveries of greater than 908,000 EVs through the third quarter.

Ford topping Hyundai comes after the South Korean automaker lost incentives that gave buyers of its EVs tax credits of as much as $7,500 under the Biden administration’s Inflation Reduction Act, which took effect in August. Vehicles resembling Ford’s EVs which are produced in North America still qualify for the credit.

Hyundai didn’t immediately respond for comment. Hyundai Motor Co. CEO Jaehoon “Jay” Chang, in an exclusive interview with CNBC, described the lack of incentives as concerning and a “very difficult issue.”

Motor Intelligence confirmed Ford topped Hyundai in EV sales through November. The automotive data firm reports Hyundai sold 52,061 EVs through November – 1,691 units lower than Ford.

Tesla has long-dominated U.S. EV sales. But with more EVs becoming available, S&P Global Mobility reported that its market share of recent registered electric vehicles within the U.S. stood at 65% through the third quarter, down from 71% last 12 months and 79% in 2020.

Holding onto the No. 2 spot − a goal Farley previously announced Ford would achieve by 2025 − may prove difficult. General Motors CEO Mary Barra has said the corporate plans to top Tesla in EV sales by mid-decade, as America’s largest automaker plans to significantly step up EV production in the approaching years.

GM doesn’t report monthly sales. Through the third quarter this 12 months, it reported sales of lower than 23,000 EVs.

Ford reported its EV sales as a part of its November results, which overall were down 7.8% from a 12 months earlier. The corporate reported U.S. vehicle sales last month of 146,364 units – its second-worst overall total since June. Its EV sales were up from a 12 months ago, when sales volume was very limited.

Ford, citing retail orders, said demand for its vehicles stays strong. It didn’t give a reason for the November sales declines, but the corporate and other automakers proceed to battle through supply chain problems.

Sales of Ford’s profitable F-Series pickups were only 55,169 in November – off 8.7% from a 12 months earlier. They are actually off 12.8% for the 12 months following reported parts problems with the vehicles.

Sales of all Ford’s vehicles, including its luxury Lincoln brand, totaled lower than 1.7 million units through November, a 2.7% decrease from a 12 months earlier.

– CNBC’s Phil LeBeau contributed to this report.

Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles


Recent articles