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Ford F-150 Lightning pickup trucks sit on the production line at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.
Bill Pugliano | Getty Images
DETROIT – Ford Motor said on Friday that it had achieved CEO Jim Farley’s goal of becoming the second best-selling automaker of electric vehicles in the US
The Detroit automaker, citing third-party industry data, led Hyundai/Kia to reach the goal. Tesla remains the industry leader by a wide margin, but is losing market share as more EVs enter the market.
Ford said its share of the electric vehicle segment was 7.4% through November, up from 5.7% a year ago.
The company reported sales of 53,752 all-electric vehicles in the US through November. Tesla, which does not release domestic results, reported global deliveries of more than 908,000 EVs in the third quarter.
Hyundai is ahead of Ford after the South Korean automaker lost incentives that gave buyers of its EVs tax credits of up to $7,500 under the Biden administration’s Inflation Reduction Act, which took effect in August. Vehicles like Ford’s EVs made in North America still qualify for the credit.
Hyundai did not immediately respond for comment. The CEO of Hyundai Motor Co. that Jaehoon “Jay” Chang, in an exclusive interview with CNBC, described the loss of incentives as concerning and a “very challenging issue.”
Tesla has long dominated US EV sales. But with more EVs available, S&P Global Mobility reported that its market share of newly registered electric vehicles in the US stood at 65% through the third quarter, down from 71% last year and 79% in 2020.
Holding the No. 2 spot − a goal that Farley previously announced Ford would achieve by 2025 − could prove difficult. General Motors CEO Mary Barra said the company plans to surpass Tesla in EV sales by the middle of the decade, as America’s largest automaker plans to significantly increase EV production in the coming years.
GM does not report monthly sales. Through the third quarter this year, it reported sales of just under 23,000 EVs.
Ford reported its EV sales as part of its November results, which overall fell 7.8% compared to last year. The company reported US auto sales last month of 146,364 units – the second-worst total since June. Its EV sales are up from a year ago, when sales volumes were very limited.
Ford, citing retail orders, said demand for its vehicles remains strong. That didn’t account for the drop in November sales, but the company and other automakers continue to struggle with supply chain problems.
Sales of Ford’s most profitable F-Series pickups were just 55,169 in November – 8.7% from last year. They are now down 12.8% for the year following reported problems with parts in the vehicles.
Sales of all Ford vehicles, including its Lincoln luxury brand, came in at just under 1.7 million units through November, a 2.7% drop from a year earlier.
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