GM's EV Sales Growth Soars, While Ford's Show Only Modest Gains

Electric vehicles (EVs) gave a boost to General Motors (GM), but not so much to rival Ford Motor (F).

GM reported overall third-quarter U.S. sales declined 2% year-over-year to 659,601, but EV sales skyrocketed 60% to 32,095.

The EV boost was driven by its newly launched Chevrolet Equinox EV, which had 9,772 sales in its first full quarter on the market, and Chevrolet Blazer EV, which posted a jump to 7,998 sales from just 19 a year ago.

Rory Harvey, president of GM Global Markets, said the company's EV portfolio "is growing faster than the market because we have an all-electric vehicle for just about everybody, no matter what they like to drive."

Ford's Hybrid Models See Much Higher Sales Growth

By contrast, while Ford's overall U.S. sales were 0.7% higher at 504,039, it had just a 12% gain in EVs to 23,509. In the second quarter, Ford's EV sales had soared 61% to 23,957.

Sales growth was more than three times higher for Ford's hybrid models, with President of Ford Blue and Ford Customer Service Division Andrew Frick arguing that the company has "listened to customers to offer them vehicles with powertrains to meet their specific needs."

Ford is hoping to boost EV sales by offering buyers a free home charger and installation. 

General Motors shares were little changed Wednesday afternoon but have added about a quarter of their value this year. Shares of Ford Motor recently fell 2.5% and are down about 14% in 2024.