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 truthful overmuch to rival Ford Motor (F).

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

The EV boost was driven by its recently launched Chevrolet Equinox EV, which had 9,772 income successful its first afloat 4th connected nan market, and Chevrolet Blazer EV, which posted a jump to 7,998 income from conscionable 19 a twelvemonth ago.

Rory Harvey, president of GM Global Markets, said nan company's EV portfolio "is increasing faster than nan marketplace because we person an all-electric conveyance for conscionable astir everybody, nary matter what they for illustration to drive."

Ford's Hybrid Models See Much Higher Sales Growth

By contrast, while Ford's wide U.S. income were 0.7% higher astatine 504,039, it had conscionable a 12% summation successful EVs to 23,509. In nan 2nd quarter, Ford's EV income had soared 61% to 23,957.

Sales maturation was much than 3 times higher for Ford's hybrid models, pinch President of Ford Blue and Ford Customer Service Division Andrew Frick arguing that nan institution has "listened to customers to connection them vehicles pinch powertrains to meet their circumstantial needs."

Ford is hoping to boost EV income by offering buyers a free location charger and installation. 

General Motors shares were small changed Wednesday day but person added astir a 4th of their worth this year. Shares of Ford Motor precocious fell 2.5% and are down astir 14% successful 2024.