Simran Joshi
Ford Motor has lost its electric vehicle (EV) sales lead to General Motors (GM) in the third quarter of 2023, signalling a slowdown in Ford’s EV growth. Despite a modest 0.7% increase in overall U.S. vehicle sales, including a 12.2% rise in EV sales, Ford’s year-to-date EV sales reached 67,689 units, trailing GM’s 70,450. While both automakers continue to lag behind Hyundai and Tesla in the EV market, GM has aggressively expanded its electric lineup, outpacing Ford, which has focused more on hybrids and other powertrain options for the near future.
Ford’s Slowed EV Growth and Strategic Shift
Ford experienced a modest 0.7% increase in overall vehicle sales in the third quarter, with a 12.2% rise in electric vehicle (EV) sales. However, this growth lagged behind rival General Motors, which saw a 60% year-over-year increase in its EV sales for the same period. Ford’s total EV sales through September reached 67,689 units, slightly behind GM’s 70,450 units. Despite this, Ford continues to hold the No. 2 position in U.S. EV sales, trailing only Tesla.
Ford’s strategy for EVs has shifted, focusing more on expanding its hybrid models in the short term. While GM has introduced eight Ultium-based EVs, Ford currently offers only three fully electric models. Executives like Ford CEO Jim Farley have emphasised the company’s success in balancing traditional and electric vehicles, but it’s clear that the automaker’s current focus is on hybrids to cater to a broader range of customer needs.
General Motors’ Aggressive Push in the EV Market
General Motors is making significant strides in the electric vehicle space, increasing its EV sales by 60% in the third quarter and surpassing Ford’s numbers for the first time. GM’s success can be attributed to the wide range of EV models it now offers, with eight Ultium-based electric vehicles available for consumers. This variety has given GM a competitive edge as it diversifies its electric offerings, while Ford continues to focus on a smaller lineup of three EVs.
GM’s commitment to its EV strategy reflects its broader goal of transitioning to a more electrified future. The automaker’s continued investments in battery technology and architecture are positioning it as a strong contender in the growing U.S. EV market, where competition is fierce. Despite trailing Tesla, GM’s robust third-quarter performance underscores its determination to become a leader in the electric vehicle space.
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