Ford Mustang Mach-E and F-150 Lightning on display at the New York International Auto Show on March 28, 2024.
Danielle DeVries | CNBC
DETROIT – Sales of electric vehicles and large SUVs drove Ford Motor‘s third-quarter sales up by 8.2%, the Detroit automaker reported Wednesday.
Ford said sales of all-electric vehicles increased by 30.2% during the period to a new quarterly record of more than 30,600 units. Its “electrified” vehicles, including EVs and hybrids, increased 20% compared with the same period a year earlier.
Sales of Ford’s SUVs increased nearly 10% during the quarter, including massive gains for its larger SUVs as well as the Mustang Mach E EV, which was up 51% from a year earlier.
EV sales during the third quarter are expected to be a record, as buyers pulled ahead plans to purchase a new zero-emissions vehicle ahead federal EV incentives of up to $7,500 ending in September.
Ford CEO Jim Farley on Tuesday said he “wouldn’t be surprised” if sales of EVs fell from an industry market share of around 10% to 12% this month — which is expected to be a record — to 5% after the incentive program ends.
Cox Automotive forecasts sales of EVs hit 410,000 during the third quarter, up 21% from a year earlier. That would easily be the highest amount of EVs ever sold in a quarter in the U.S., as well as a record 10% market share.
Sales of EVs as well as plug-in hybrid electric vehicles that also qualified for federal incentives are expected to assist in boosting third quarter vehicle sales up between 4% and 7%, according to forecasts from Cox and CarMax’s Edmunds.
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