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Ford claims No. 2 spot in EVs behind Tesla, passing Hyundai

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

Invoice Pugliano | Getty Photographs

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

The Detroit automaker, citing third-party trade knowledge, topped Hyundai/Kia to hit the aim. Tesla stays the trade 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 means of November, up from 5.7% a 12 months earlier.

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

Ford topping Hyundai comes 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 comparable to Ford’s EVs which are produced in North America nonetheless qualify for the credit score.

Hyundai didn’t instantly reply for remark. Hyundai Motor Co. CEO Jaehoon “Jay” Chang, in an exclusive interview with CNBC, described the lack of incentives as regarding and a “very difficult concern.”

Tesla has long-dominated U.S. EV gross sales. However with extra EVs changing into out there, S&P International Mobility reported that its market share of recent registered electrical automobiles within the U.S. stood at 65% by means of the third quarter, down from 71% final 12 months and 79% in 2020.

Holding onto the No. 2 spot − a aim Farley beforehand introduced Ford would obtain by 2025 − could show difficult. General Motors CEO Mary Barra has stated 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 way of the third quarter this 12 months, it reported gross sales of lower than 23,000 EVs.

Ford reported its EV gross sales as a part of its November outcomes, which total had been down 7.8% from a 12 months earlier. The corporate reported U.S. automobile gross sales final month of 146,364 items – its second-worst total whole since June. Its EV gross sales had been up from a 12 months in the past, when gross sales quantity was very restricted.

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

Gross sales of Ford’s worthwhile F-Sequence pickups had been solely 55,169 in November – off 8.7% from a 12 months earlier. They’re now off 12.8% for the 12 months 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 means of November, a 2.7% lower from a 12 months earlier.

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