Electric Vehicles (EVs) have provided a significant accelerant for General Motors (GM), yet the same cannot be said for the competitive Ford Motor company. General Motors announced a 2% decline in total third-quarter U.S. sales, finishing at 659,601, however, their EV sales surged by an impressive 60% to 32,095. These elevated sales were largely fuelled by their recently-introduced Chevrolet Equinox EV with 9,772 sales in its initial full quarter availability, and the Chevrolet Blazer EV which achieved an incredible leap from 19 to 7,998 yearly sales. GM's president of Global Markets, Rory Harvey, claimed that their EV lineup is expanding more rapidly than the sector at large due to their capacity to provide an all-electric automobile for any customer preference.
In comparison, although Ford reported a 0.7% increase in overall U.S. sales, concluding at 504,039, their EV sales only saw a slight 12% rise to 23,509. This is in stark contrast to the 61% surge they reported in the second quarter. On the other hand, Ford’s selection of hybrid models outperformed with a threefold greater sales growth. Andrew Frick, President of Ford Blue and Ford Customer Service Division, argues that the company's attentive approach to customer demands for vehicles with optimized powertrains for their specific requirements is responsible for this success.
In an effort to invigorate their lagging EV sales, Ford is offering customers complimentary home chargers and setup.
In terms of share prices, GM remained stable on Wednesday afternoon, however, they have seen a roughly 25% growth in their value in the year thus far. Ford Motor shares saw a dip of 2.5% and a yearly decline of around 14% by 2024.