Ford takes second place in US electric vehicle sales, Tesla narrows lead | Anue tycoon – US stocks

Ford said on Friday (2nd) that it had achieved Chief Executive Jim Farley’s goal ahead of schedule to become the second-biggest-selling maker of electric vehicles in the United States.

ford (F-US) citing third-party data, narrowly ahead of Hyundai and Kia on target. Farley had previously not expected Ford to hit that goal until 2023. Tesla (TSLA-US) is still far and away the leading industry leader, but its market share has been declining as more and more electric vehicles enter the market.

Ford said it had a 7.4 percent market share in electric vehicles as of November, up from 5.7 percent a year earlier.

Ford reported sales of 53,752 all-electric vehicles in the U.S. through November. Tesla did not release domestic results, but reported global electric vehicle deliveries of more than 908,000 vehicles as of the third quarter.

Ford overtook Hyundai Motor, a South Korean automaker, because Hyundai failed to obtain inflation-cutting subsidies from the U.S. government. According to the “Reducing Inflation Act” that took effect in August, electric vehicles assembled in the United States will receive a tax deduction of US$7,500 each, but Hyundai and Kia are only sold in the United States and do not qualify for the deduction, while Ford is produced in North America. Subsidies can be obtained to lower the selling price and improve competitiveness.

Hyundai did not immediately respond to a request for comment.

Auto data firm Motor Intelligence confirmed that Ford outsold Hyundai in EV sales as of November, as Hyundai sold 52,061 EVs through November, 1,691 fewer than Ford.

However, it may not be easy to hold on to the No. 2 spot, with GM (GM-US) CEO Mary Barra said that the company plans to significantly increase sales of electric vehicles in the next few years, with the goal of surpassing Tesla by the middle of the 20th century.

GM, which does not release monthly sales figures, had sold fewer than 23,000 EVs through the third quarter of this year.

Tesla’s market share declines

According to a report by S&P Global Mobility, a market research and survey agency, on the 29th of last month, as of the third quarter, Tesla’s market share in the United States and New Zealand registered electric vehicles was 65%. Although it is still the market leader, its market share is declining year by year. 79% and 71% in 2021. S&P expects that by 2025, Tesla’s electric car market share may drop to less than 20%, because the number of electric car models is expected to increase from the current 48 to 159 by then.

Ford’s total sales decline

However, Ford’s overall sales fell 7.8 percent year-on-year to 146,364 vehicles in November, its worst overall monthly sales since June, despite an increase in sales of electric vehicles.

Citing retail orders, Ford said demand for its vehicles remained strong. Ford did not give a reason for the drop in November sales, but the automaker, like other automakers, continues to face supply chain issues.

Sales of Ford’s most profitable F-series hatchback fell 8.7 percent year-on-year to 55,169 in November, and sales have fallen 12.8 percent this year due to auto parts problems.

As of November, Ford’s total sales, including luxury car brand Lincoln, were just under 1.7 million, down 2.7 percent from a year earlier.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.