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

DETROIT – Ford Motor stated 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 business knowledge, narrowly topped Hyundai/Kia to hit the purpose. Tesla stays the business chief by a large margin, however has been shedding market share as extra EVs enter the market.

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

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

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

The gross sales come after the South Korean automaker misplaced incentives that gave patrons of its EVs tax credit of as much as $7,500 below the Biden administration’s Inflation Discount Act, which took impact in August. Automobiles comparable to Ford’s EVs which can be produced in North America nonetheless qualify for the credit score.

Hyundai Motor CEO Jaehoon “Jay” Chang, in an unique 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 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 obtain by 2023 − could show difficult. Normal Motors CEO Mary Barra has stated the corporate plans to high Tesla in EV gross 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. Via 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 had been down 7.8% from a yr earlier. The corporate reported U.S. automobile gross sales final month of 146,364 items – its second-worst general complete since June. Its EV gross sales had been up from a yr in the past, when gross sales quantity was very restricted.

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

Gross sales of Ford’s worthwhile F-Sequence pickups had been solely 55,169 in November – off 8.7% from a yr earlier. They’re now off 12.8% for the yr following reported elements 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 November, a 2.7% lower from a yr earlier.

– CNBC’s Phil LeBeau contributed to this report.

Correction: Hyundai Motor’s complete electrical automobile gross sales had been 54,043 items by November, together with its fuel-cell automobile. A earlier model of this text misstated that quantity, citing third-party knowledge.