Ford Motor on Wednesday disclosed that it grew U.S. new vehicle sales in the third quarter, getting a big boost from hybrid and battery electric vehicles, and bucking a slump for the overall auto market. But Ford stock fell as General Motors sped past in the EV race.
Q3 EV Sales: GM Overtakes Ford Stock
For Q3, Ford said its total U.S. auto sales rose nearly 1% vs. a 2% decline for the industry at large. Ford's EV sales jumped 12.2% vs. a year ago to 23,509 units, and hybrid vehicles jumped 38% to 48,101 units. Sales of Ford's traditional combustion-engine cars fell 2.8% in Q3 to 432,429 units.
But Ford's EV sales growth slowed sharply from a 61% gain in the prior year's second quarter. Further, the automaker lost ground to archrival GM, which on Tuesday reported 32,195 EV deliveries in Q3. That was a quarterly record, up 60% vs. a year ago and up 46% vs. Q2 2024, GM said in a news release.
In the first nine months of 2024, Ford sold 67,689 electric vehicles. By comparison, GM sold 70,450 EVs through September. That tally was led by the luxury Cadillac Lyriq, but also got a boost from growing traction for new, mass-market Chevrolet entries, including the Blazer, Equinox and Silverado EVs.
Combined, those three Chevrolet electric vehicles have sold more than 31,000 units year to date. The Equinox — the "EV for everyone" and "affordable game-changer" in GM's marketing materials — joined the lineup as recently as this spring. It has already sold more than 10,000 units.
In the past year, legacy automakers faced an EV slowdown in the middle of their transition away from fossil-fuel cars. They have also had to overcome battery supply and EV manufacturing bottlenecks.
The pace of U.S. new vehicle sales pace reached 15.6 million in the third quarter, a decline from Q2, Cox Automotove estimated. The decline was led, in part, by General Motors, whose total Q3 sales fell 2%.
Shares of Ford fell 2.5% to 10.48 on the stock market today. Ford stock has been facing resistance at the falling 50-day moving average, which remains below the 200-day line, a sign of both short- and long-term weakness. GM stock lost up a fraction to 44.81 on Wednesday, still below the 50-day line.
Cheapest Equinox 'EV for Everyone' Is Here
After surrendering the EV lead to GM in Q3, Ford may face an even harder slog from here. On Monday, Chevrolet quietly started shipping the most affordable Equinox EV yet to dealers.
The electric crossover retails for about $35,000 before tax credits and promises 319 miles of range. This makes the entry-level Equinox one of the cheapest, long-range electric cars in the U.S. right now, after an older Chevy Bolt model was phased out. A higher-trim Equinox EV that launched in the spring began around $43,000 before tax credits.
Compared with Ford, General Motors is making a bigger bet on purely battery electric vehicles, with a lineup of around six electric models and counting. Currently, Ford sells three EVs and has doubled down on hybrid sales, insisting that its strategy of giving customers a choice of powertrains is paying off.
Both automakers continue to trail Tesla in the EV stakes. Market leader Tesla on Wednesday disclosed that its global Q3 deliveries climbed 6% vs. a year ago to 462,890, the third-best quarterly total ever. Further, Tesla's EV sales returned to growth for the first time in 2024.
Ford and GM also continue to lag Toyota Motor and Honda Motor, the hybrid leaders starting to push harder on battery electric vehicles. On Tuesday, Toyota said that its U.S. hybrid and EV sales totaled 710,060 this year through September, up 56%. Honda's totaled 229,657, up 5%.
Auto Sales: Stellantis's Woes Grow
Dodge and Jeep parent Stellantis on Wednesday reported that Q3 U.S. new vehicle sales tumbled 20% vs. a year ago to 305,294 units. Its sales also slid 12% from the prior second quarter.
"We continue to take the necessary actions to drive sales" and prepare for the arrival of 2025 models, the Italian American carmaker said in a news release.
Year to date, Stellantis's U.S. auto sales are down 17%. CEO Carlos Tavares in June promised to fix "arrogant" mistakes in the U.S. market, including bloated inventories and manufacturing issues. On Monday, Stellantis cut its 2024 profit forecast and warned of weaker global demand while Chinese competitors offer cheaper cars.
Stellantis stock lost 0.5% on Wednesday, far below the 50- and 200-day averages. Tesla stock shed 3.5%, but closed near the top of the day's range. Shares of Honda and Toyota rose 1.4% each.
YOU MAY ALSO LIKE:
Is Tesla Stock A Buy Or A Sell?
Get Full Access To IBD Stock Lists And Ratings
Learning How To Pick Great Stocks? Read Investor's Corner
Market Ekes Out Gain As Tesla, Nvidia Bounce Off Key Support
