In the second quarter, Ford Motor witnessed a significant rebound in its sales of electric vehicles (EVs) after facing battery issues and upgrading its factories. Despite this improvement, the company remains in third place in the U.S. market.
Tesla Dominates, While General Motors Takes Second Spot
When it comes to EV sales in the U.S., Tesla leads by a substantial margin. General Motors secures the second position with 15,354 EVs delivered. Ford follows closely behind, delivering a total of 14,843 EVs in the second quarter. This includes 8,633 Mustang Mach Es and 4,466 F-150 Lightning trucks. Comparatively, in the first quarter, Ford delivered 10,866 EVs, which comprised of 5,407 Mach Es and 4,291 Lightnings.
Ford and GM’s Competition for Second Place
Although Ford and General Motors are competitors vying for the second position, both companies share a common goal of selling more EVs. With plans to sell millions of electric vehicles annually by the mid-2020s, both automakers aim to make a significant impact in the EV market.
Rivian’s Surprising Delivery Figures
Rivian Automotive delivered an impressive 12,640 units in the second quarter. This figure suggests that Rivian may have surpassed Ford in electric truck deliveries. It is important to note that this number includes deliveries in Canada, along with R1S SUVs and R1T trucks that are based on the same platform. Therefore, it is unclear how many trucks were actually sold. Assuming 1,000 vehicles were accounted for in Canada and both trucks and SUVs made up half of the remaining 11,640 units, the estimation for R1T sales would be approximately 5,820.
Ford’s Electric Vehicle Deliveries Experience Decline
Ford’s electric vehicle (EV) deliveries have faced a setback in recent quarters, dropping from the impressive 20,339 reported for the fourth quarter of 2022. This decline can be attributed to planned production facility updates and a battery issue that caused delays in the manufacturing of the F-150 Lightning for several weeks.
However, investors were apparently expecting more positive news. Consequently, Ford stock experienced a 2.1% decline in midday trading on Thursday, while both the S&P 500 and Dow Jones Industrial Average saw decreases of 1.2% and 1% respectively.
Despite this setback, Ford still managed to deliver a total of 531,662 vehicles in the second quarter, showing an increase from the 475,906 vehicles delivered in the first quarter. Specifically, deliveries of F-150 trucks, including both traditional and electric models, reached 212,516 in the second quarter compared to 170,377 in the preceding three months.
In comparison, Tesla sold approximately 466,000 EVs globally during the second quarter. While regional delivery figures are not disclosed by the company, it is estimated that around 175,000 vehicles were sold in the United States.
Reflecting these developments, Tesla stock experienced a 3% decline during Thursday’s trading session. Nevertheless, the stock still maintains a 6% increase over the past five days. On the other hand, GM saw a 1.4% decline in its stock price, while Rivian experienced a 0.9% decrease in its shares during Thursday’s trading session.