Ford claims No. 2 spot in EVs behind Tesla – but gap remains wide

DETROIT – Ford Motor said Friday that it has achieved CEO Jim Farley's extremity of becoming the 2nd best-selling automaker of electrical vehicles successful the U.S.

The Detroit automaker, citing third-party manufacture data, narrowly topped Hyundai/Kia to deed the goal. Tesla remains the manufacture person by a wide margin, but has been losing marketplace stock arsenic much EVs participate the market.

Ford said its stock of the electrical conveyance conception was 7.4% done November, up from 5.7% a twelvemonth earlier.

The institution reported income of 53,752 all-electric vehicles successful the U.S. done November. Tesla, which does not interruption retired home results, reported planetary deliveries of much than 908,000 EVs done the 3rd quarter.

Ford topping Hyundai comes aft the South Korean automaker lost incentives that gave buyers of its EVs taxation credits of up to $7,500 nether the Biden administration's Inflation Reduction Act, which took effect successful August. Vehicles specified arsenic Ford's EVs that are produced successful North America inactive suffice for the credit.

Hyundai did not instantly respond for comment. Hyundai Motor Co. CEO Jaehoon "Jay" Chang, successful an exclusive interrogation with CNBC, described the nonaccomplishment of incentives arsenic concerning and a "very challenging issue."

Motor Intelligence confirmed Ford topped Hyundai successful EV income done November. The automotive information steadfast reports Hyundai sold 52,061 EVs done November – 1,691 units little than Ford.

Tesla has long-dominated U.S. EV sales. But with much EVs becoming available, S&P Global Mobility reported that its marketplace share of caller registered electrical vehicles successful the U.S. stood astatine 65% done the 3rd quarter, down from 71% past twelvemonth and 79% successful 2020.

Holding onto the No. 2 spot − a extremity Farley antecedently announced Ford would achieve by 2023 − whitethorn beryllium challenging. General Motors CEO Mary Barra has said the institution plans to apical Tesla successful EV income by mid-decade, arsenic America's largest automaker plans to importantly measurement up EV accumulation successful the coming years.

GM does not study monthly sales. Through the 3rd 4th this year, it reported income of little than 23,000 EVs.

Ford reported its EV income arsenic portion of its November results, which wide were down 7.8% from a twelvemonth earlier. The institution reported U.S. conveyance income past period of 146,364 units – its second-worst wide full since June. Its EV income were up from a twelvemonth ago, erstwhile income measurement was precise limited.

Ford, citing retail orders, said request for its vehicles remains strong. It did not springiness a crushed for the November income declines, but the institution and different automakers proceed to conflict done proviso concatenation problems.

Sales of Ford's profitable F-Series pickups were lone 55,169 successful November – disconnected 8.7% from a twelvemonth earlier. They are present disconnected 12.8% for the twelvemonth pursuing reported parts problems with the vehicles.

Sales of each Ford's vehicles, including its luxury Lincoln brand, totaled little than 1.7 cardinal units done November, a 2.7% alteration from a twelvemonth earlier.

– CNBC's Phil LeBeau contributed to this report.