Ford Struggles as No. 4 US EV Company

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24/7 Wall St. Insights

• In the third quarter, Ford Motor Co. ( NYSE: F ) ranked fourth in EV sales in America.
• So far, its $30 billion in electric vehicles has not paid off.
• Also: Dividend legends to hold forever .

Ford Motor Co. ( NYSE: F ) said it would invest $30 billion in its electric vehicle (EV) business. What has to be shown is an estimated loss of $100,000 for every EV it sells. According to Cox Automotive, it has another severe problem. It ranked number four in EV sales in the United States in the quarter from July to September, behind runaway leader Tesla Inc. ( NASDAQ: TSLA ), crosstown rival General Motors Co. ( NYSE: GM ), and South Korea’s Hyundai.

Cox reports, "According to the latest counts, an estimated 346,309 EVs were sold in Q3 2024, a 5% increase from Q2. The EV share of sales in Q3 hit 8.9%, the highest level recorded and an increase from 7.8% in Q3 2023.” That is still slow for a new car category that was supposed to take the U.S. auto market by storm. Additionally, Cox points out that incentives helped drive the growth. Incentives averaged 12% of purchase prices.

Tesla’s sales showed strength as its market share remains close to 50%. Meanwhile, GM’s sales rose 60% to 32,095. Cox attributed this increase to the EV model success across three brands. These were Cadillac, Chevrolet, and GMC.

South Korea’s Hyundai, which also includes its Kia brand, had sales of 29,609, which was about even with the same count in the quarter a year ago. Notably, it outperformed sales from every Japanese and European-based auto company.

Ford’s EV sales were 23,509. Ford has tried to crack the market with EV versions of its highly successful F-Series pickup line. However, F-150 Lightning sales have been poor. It has also used the Mustang sports car brand to launch an EV crossover called the Mustang Mach-E. That approach has been a failure.

Ford says its multi-billion investment will make it the top EV company in America. For the time being, it is not even close.

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