Ford Motor has announced that it had achieved the goal set by CEO Jim Farley to become the second-highest-priced manufacturer of electric vehicles within the U.S.
With data from third-party sources, the Detroit automaker narrowly beat Hyundai/Kia to meet the target. Tesla is still the market leader by a significant margin but is losing market shares as new EVs arrive.
Ford announced that its part in the electric vehicle segment was 7.4 percent in November, an increase from 5.7 percent a year ago. It reported the sale of 53,752 all-electric automobiles across the U.S. through November. Tesla is the only company to report domestic and worldwide sales of over 908,000 EVs in the third quarter of 2013.
Hyundai’s sales don’t include those of the Nexo hydrogen fuel cell. Hyundai claims that the vehicle has slightly outsold Ford in fuel cell and battery-powered vehicles, totaling 54,043 units in November.
The sales are coming following the South Korean automaker lost incentives that provided customers of their EVs tax credits between $7,500 and $75,000, according to the Biden administration’s Inflation Reduction Act, which was in effect from August. For example, Ford’s EVs made by the company in North America still qualify for tax credits.
During an exclusive interview on CNBC, Hyundai Motor CEO Jaehoon “Jay” Chang explained the reduction in incentives as troubling and the issue as a “very challenging issue.”
Tesla has been dominating U.S. electric vehicle sales. However, with the increasing availability of EVs coming into the market, S&P Global Mobility revealed that their market share of electric vehicles registered across the U.S. stood at 65 percent through the third quarter of 2018, lower than 71% the previous year, 79% in 2020.
Remaining in the number. 2 position Farley previously stated Ford will reach in 2023 is a daunting task. General Motors CEO Mary Barra has said the company intends to surpass Tesla in sales of electric vehicles in the mid-decade in the United States, as the country’s biggest automaker is planning to dramatically ramp up production of electric cars over the next few years.
GM doesn’t release monthly sales. In the third quarter of the year, it reported less than 23,000 electric vehicles.
In a statement citing retail sales, Ford said that the demand for its cars remains high. The company did not explain the drop in sales for November; however, the company and other automakers continue to fight supply chain issues.
Ford’s lucrative F-Series pickups totaled 55,169 in November, down 8.7 percent from the previous year. The figures are down to 12.8 percent over the course of the year, following reports of issues with the cars’ parts.
The sales of all Ford’s cars, including the luxury Lincoln brand, amounted to just 1.7 million units during November, which is a 2.7 percent decrease over one year ago.
