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Ford claims No. 2 spot in EVs behind Tesla – however hole stays vast

Ford F-150 Lightning pickup vehicles sit on the manufacturing line on the Ford Rouge Electrical Automobile Heart on April 26, 2022 in Dearborn, Michigan.

Invoice Pugliano | Getty Photos

DETROIT – Ford Motor mentioned Friday that it has achieved CEO Jim Farley’s purpose of changing into the second best-selling automaker of electrical automobiles within the U.S.

The Detroit automaker, citing third-party trade information, narrowly topped Hyundai/Kia to hit the purpose. Tesla stays the trade chief by a large margin, however has been shedding market share as extra EVs enter the market.

Ford mentioned its share of the electrical car section was 7.4% by way of November, up from 5.7% a yr earlier.

Ford reported gross sales of 53,752 all-electric automobiles within the U.S. by way of November. Tesla, which doesn’t get away home outcomes, reported world deliveries of greater than 908,000 EVs by way of the third quarter.

Hyundai’s gross sales don’t embrace the Nexo hydrogen gas cell car. The corporate says with that car, it barely outsold Ford in battery- and gas cell-powered automobiles of 54,043 items by way of November.

The gross sales come after the South Korean automaker lost incentives that gave buyers of its EVs tax credits of up to $7,500 underneath the Biden administration’s Inflation Discount Act, which took impact in August. Autos reminiscent of Ford’s EVs which might be produced in North America nonetheless qualify for the credit score.

Hyundai Motor CEO Jaehoon “Jay” Chang, in an exclusive interview with CNBC, described the lack of incentives as regarding and a “very difficult challenge.”

Tesla has long-dominated U.S. EV gross sales. However with extra EVs changing into out there, S&P International Mobility reported its market share of recent registered electrical automobiles within the U.S. stood at 65% by way of the third quarter, down from 71% final yr and 79% in 2020.

Holding onto the No. 2 spot − a purpose Farley beforehand introduced Ford would achieve by 2023 − could show difficult. General Motors CEO Mary Barra has mentioned the corporate plans to top Tesla in EV sales by mid-decade, as America’s largest automaker plans to considerably step up EV manufacturing within the coming years.

GM doesn’t report month-to-month gross sales. By the third quarter of this yr, it reported gross sales of lower than 23,000 EVs.

Ford reported its EV gross sales as a part of its November outcomes, which general have been down 7.8% from a yr earlier. The corporate reported U.S. car gross sales final month of 146,364 items – its second-worst general whole since June. Its EV gross sales have been up from a yr in the past, when gross sales quantity was very restricted.

Ford, citing retail orders, mentioned demand for its automobiles stays sturdy. It didn’t give a motive for the November gross sales declines, however the firm and different automakers proceed to battle by way of provide chain issues.

Gross sales of Ford’s worthwhile F-Sequence pickups have been solely 55,169 in November – off 8.7% from a yr earlier. They’re now off 12.8% for the yr following reported components issues with the automobiles.

Gross sales of all Ford’s automobiles, together with its luxurious Lincoln model, totaled lower than 1.7 million items by way of November, a 2.7% lower from a yr earlier.

– CNBC’s Phil LeBeau contributed to this report.

Correction: Hyundai Motor’s whole electrical car gross sales have been 54,043 items by way of November, together with its fuel-cell car. A earlier model of this text misstated that quantity, citing third-party information.

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