The Rise of Electric Vehicles and SUVs: Ford's Q3 Sales Surge
In a thrilling development, Ford Motor has reported an impressive 8.2% increase in its third-quarter sales, largely driven by the popularity of electric vehicles (EVs) and large SUVs. This news comes as a breath of fresh air for the Detroit-based automaker.
But here's where it gets controversial: Ford's all-electric vehicle sales skyrocketed by a whopping 30.2% during this period, setting a new quarterly record of over 30,600 units. Their 'electrified' lineup, encompassing EVs and hybrids, witnessed a 20% surge compared to the previous year.
The sales figures for Ford's SUVs are equally impressive, with a near 10% increase during the quarter. The larger SUVs and the Mustang Mach E EV, in particular, experienced massive gains, with the latter seeing a 51% jump from the previous year.
And this is the part most people miss: EV sales during the third quarter are expected to reach unprecedented heights, as buyers rushed to take advantage of federal EV incentives of up to $7,500, which ended in September.
Ford CEO Jim Farley expressed his thoughts on the matter, stating that he wouldn't be surprised if EV sales dropped from an industry market share of around 10-12% this month (which is expected to be a record) to 5% post-incentive program.
Cox Automotive forecasts EV sales to hit 410,000 during the third quarter, a 21% increase from the previous year. This would mark the highest number of EVs ever sold in a quarter in the U.S., with a record-breaking 10% market share.
Sales of EVs and plug-in hybrid electric vehicles, which also qualified for federal incentives, are expected to contribute to a boost in third-quarter vehicle sales, with forecasts from Cox and CarMax's Edmunds predicting an increase of 4-7%.
This story is still developing, so stay tuned for more updates!
