Ford said on Friday (2) it met Chief Executive Jim Farley’s goal earlier than expected to become the second-best-selling EV maker in the United States.
ford (F-US) citing third-party data, narrowly ahead of Hyundai and Kia on target. Farley previously didn’t expect Ford to meet that goal until 2023. Tesla (ATS-US) is still the industry leader by far, but its market share has been declining as more and more EVs enter the market.
Ford said it had 7.4% market share in electric vehicles in November, up from 5.7% a year earlier.
Ford reported sales of 53,752 all-electric vehicles in the United States through November. Tesla didn’t release national results, but it did report global EV deliveries of more than 908,000 vehicles as of the third quarter.
Ford outsold Hyundai Motor, a South Korean automaker, because Hyundai failed to secure inflation-cutting subsidies from the US government. Under the “Reducing Inflation Act” that went into effect in August, electric vehicles assembled in the United States will receive a tax deduction of $7,500 each, but Hyundai and Kia are only sold in the United States and are not eligible for the deduction. while the Ford is made 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.
Automotive data firm Motor Intelligence confirmed that Ford outsold Hyundai in EV sales in November, as Hyundai sold 52,061 EVs in November, 1,691 fewer than Ford.
However, it may not be easy to hold onto second place, with GM (GM-USA) CEO Mary Barra said the company plans to significantly increase EV sales over the next few years, with a goal of overtaking Tesla by the middle of the 20th century.
GM, which doesn’t release monthly sales figures, sold fewer than 23,000 EVs in 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 electric vehicles registered in the United States and New Zealand was 65 %. market leader, its market share is declining year on year: 79% and 71% in 2021. S&P predicts that by 2025, Tesla’s electric car market share could fall to less than 20%, as it is expected that the number of electric car models will increase from the current 48 to 159 by then.
total decline in Ford sales
However, Ford’s overall sales fell 7.8% year over year to 146,364 vehicles in November, its worst monthly sales overall since June, despite an increase in EV sales.
Citing retail orders, Ford said demand for its vehicles remained strong. Ford didn’t give a reason for November’s sales decline, but the automaker, like other automakers, continues to grapple with supply chain issues.
Sales of Ford’s top-selling F-series sedan fell 8.7 percent year over year to 55,169 units in November and fell 12.8 percent this year due to auto parts issues.
Ford’s total sales, including its luxury car brand Lincoln, were just under 1.7 million in November, down 2.7 percent from a year earlier.
