Ford Struggles as No. 4 US EV Company

By Douglas A. McIntyre Published Oct 14, 6:40AM EDT

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Ford Struggles as No. 4 US EV Company — © Ford Mustang Mach-E Rally (2024) (BY 2.0) by usf1fan2

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In the third quarter, Ford Motor Co. (NYSE: F | F Price Prediction) ranked fourth in EV sales in America.
So far, its $30 billion in electric vehicles has not paid off.
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.