Ford's stock falls as EV sales rise, but by less than rival GM

By Tomi Kilgore

Ford says it's No. 2 in the U.S. in EV sales, behind Tesla

Shares of Ford Motor Co. veered lower Wednesday, after the automaker reported a nice increase in third-quarter electric-vehicle sales in the U.S., but not quite the growth of its fellow Michigan-based rival.

The stock (F) took a 2.2% hit in morning trading.

Ford said overall U.S. sales for the quarter through September were up 1% from the same period a year ago, boosted by a 12% jump in EV sales.

The results followed those by rival General Motors Co. (GM) on Tuesday, which saw sales fall 2% but EV sales jump 60%.

Also on Wednesday, EV giant Tesla Inc. (TSLA) said deliveries were up 3%.

GM's stock was up 0.4% in morning trading, while Tesla shares dropped 5%.

Ford said that, among its best-selling brands, third-quarter F-150 hybrid sales jumped 64% to 20,129 vehicles, while hybrid Maverick sales grew 22% to 16,561.

Combined, Ford said the two truck brands accounted for 77% of the market for hybrid pickup trucks.

Elsewhere, Explorer sales were up 25% to 41,996 vehicles. And Lincoln Nautilus sales rose 26% to 8,799, with sales of Nautilus hybrids making up 46% of total Nautilus sales.

Year to date, Ford said EV sales are up 45% to 67,689, which puts the company second in the U.S., behind EV leader Tesla.

-Tomi Kilgore

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10-02-24 1052ET

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