Ford Motor Company (NYSE: F) says it more than doubled its electric vehicle sales in the United States last month. Shares are still trading down on Friday.
Ford reports a hit to overall monthly sales
Part of the pressure on the stock price this morning is related to its overall monthly sales that came in off 7.8% versus November of 2021.
On the plus side, though, it’s now second only to Tesla Inc in terms of EV sales in the U.S. – a goal that CEO Jim Farley had originally expected to hit in 2023. Ford now accounts for 7.4% of the total EV sales in the Unites States versus 5.7% a year ago.
More importantly, the Detroit automaker is set to accelerate production of its flagship F-150 Lightning next year that will further help boost its electric vehicles sales. On the flip side, Tesla is losing share as the market fills up with more and more EVs.
Nonetheless, Elon Musk’s company still leads the segment by a massive margin – just to be clear.
Ford snatched the second spot from Hyundai
In November, Ford sold 53,752 electric vehicles in the United States and uncrowned Hyundai as the second-largest EV company. The Korean automaker, in comparison, sold 1,691 units less.
Much of it was related to President Biden’s Inflation Reduction Act that benefits the domestic manufacturers of electric vehicles (find out more).
Holding on to this spot, however, could be a challenge for Ford Motor considering rival and the largest U.S. automaker – General Motors is committed to beating even Tesla Inc in terms of EV sales by 2025.
Also on Friday, the multinational increased investment by roughly $185 million at its Halewood plant to scale up its EV portfolio. Versus its year-to-date high, Ford stock is down 45% at writing.
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