Ford Motor announced on Friday that it has succeeded in CEO Jim Farley's goal of moving up to the position of second-best-selling electric vehicle manufacturer in the country.
The Detroit carmaker narrowly beat Hyundai/Kia to achieve the desired result, citing third-party industry data. While still by far the market leader, Tesla has been losing market share as new EVs come into the scene.
According to Ford, its market share for electric cars climbed from 5.7% in November of last year to 7.4% during that month.
The company claimed 53,752 sales of all-electric vehicles in the US through November. According to Tesla, which does not break out domestic numbers, more than 908,000 electric vehicles were delivered worldwide during the third quarter.
Ford overtook Hyundai when Hyundai lost incentives that allowed owners of its electric vehicles to get tax rebates of up to $7,500 under the Inflation Reduction Act, which became effective in August under the Biden administration. Ford's electric vehicles and other vehicles built in North America are still eligible for the credit.
Through November, Ford outsold Hyundai in EV sales, according to Motor Intelligence. Hyundai sold 1,691 less electric vehicles (EVs) than Ford, or 52,061, through November, according to the auto data organization.
Tesla has long held the lead when it comes to EV sales. According to S&P Global Mobility, during the third quarter, its market share of newly registered electric cars in the U.S. was 65%, down from 71% the previous year and 79% in 2020. However, this number is anticipated to go down as more EVs become accessible.
Ford may find it challenging to hold onto its No. 2 position, which Farley had predicted the firm would achieve by 2023. The CEO of General Motors (GM), Mary Barra, has claimed that the company anticipates to overtake Tesla in EV sales by the middle of the decade due to a significant rise in EV manufacturing expected by America's largest manufacturer in the upcoming years.
GM withholds its monthly sales data. According to the corporation, fewer than 23,000 EVs were sold during the third quarter of this year.
Ford disclosed its EV sales as part of its November statistics, which were overall down 7.8% from a year earlier. The firm recorded 146,364 units of automobile sales in the United States in the previous month, its second-worst overall total since June. Its EV sales increased compared to a year ago, when sales volume was very modest.
Ford used retail orders to support its contention that there is still a strong demand for its cars. Although it did not offer a reason, the company and other automakers are still dealing with supply chain problems.
Ford outsold Hyundai in terms of EV sales through November, according to Motor Intelligence. Hyundai sold 1,691 less EVs than Ford, 52,061 through November, according to the auto data firm.
Tesla has long led EV sales in the United States. However, S&P Global Mobility pointed out that through the third quarter, its market share of newly registered electric cars in the U.S. was at 65%, down from 71% the previous year and 79% in 2020. This is because there are more EVs available.
Maintaining Ford's No. 2 position, which Farley originally predicted Ford would achieve by 2023, may be challenging. GM CEO Mary Barra has indicated that the company wants to overtake Tesla in EV sales by the middle of the decade since America's largest carmaker plans to significantly boost EV production in the future years.
In comparison to the same month last year, just 55,169 F-Series pickups were sold in November, an 8.7% decline. They are presently down 12.8% for the year since there have been complaints about the parts of the automobiles.
Ford sold less than 1.7 million vehicles as of November, a 2.7% decrease from the same month previous year. This number includes vehicles sold under the upscale Lincoln brand.