Ford Mustang Mach-E and F-150 Lightning on exhibition at the New York International Auto Show on March 28, 2024.
Danielle Devries | CNBC
Detroit-Strong sales of electric vehicles lead to robust results of the third quarter for the main car manufacturers, since consumers massned car dealerships before the end of $ 7,500 in federal incentives for EVs.
Ford motor, General Motors and Hyundai reported quarterly sales record of fully electric vehicles from July to September.
Both GM and Ford said that third quarter sales in general increased approximately 8% compared to the previous year, with EV sales rather than duplicate for GM. Ford said that their EV sales increased by 30% compared to the third quarter of 2024.
Hyundai reported that his homonymous brand recorded an increase in sales year after year of 13% during the third quarter, also led by duplicating sales of fully electric vehicles.
The largest car manufacturers in Japan that do not offer many EVs reported variable results for the quarter. Toyota motor – The world's largest car manufacturer – said its quarterly sales increased by 16%, while Honda Motor's Sales fell 2% compared to the previous year. Nissan motor reported an increase of 5.3%.
Chrysler and Jeep Padre Stellantis He reported an increase in sales of approximately 6% during the third quarter compared to the previous year, since the car manufacturer continues an response plan to reverse a decrease in years in US sales.
GM said it remained the best car manufacturer in the sales of the United States during the third quarter of this year, with the Detroit company estimating a market share of 17.2%, its highest position since 2015.
“No one is in a stronger position for a changing American market than GM. We have the best alignment of ice vehicles and EV that we have had, and our brands have increased market share with consistently strong prices, low incentives and inventory,” said US president of GM, Duncan Aldred, in a launch.
GM on Wednesday estimated that the sales rate throughout the industry for the third quarter was 16.7 million to 16.9 million units, higher than some previous industry estimates, directed by profits in electric vehicles.
EV sales are expected during the third quarter to be a record, since buyers advanced the plans to buy a new zero emissions vehicle ahead of federal EV incentives of up to $ 7,500 that end in September.
GM's 2024 Chevrolet Equinox EV during a media launch event for the Detroit vehicle on May 16, 2024.
Michael Wayland / CNBC
The Ford CEO, Jim Farley, said Tuesday that “it would not be surprised” if EV sales fell from a market share of the industry around 10% to 12% this month, which is expected to be a record, 5% after the end of the incentive program.
Cox Automotive predicts that EV sales reached 410,000 during the third quarter, 21% more than the previous year. That would easily be the greatest amount of EVs ever sold in a quarter in the US, as well as a record market participation of 10%.
It is expected that sales of electric vehicles, as well as plug -in hybrid electric vehicles that will also qualify for federal incentives, help increase sales of third quarter vehicles, according to COX forecasts and Carmax's Edmunds.
Some automobile manufacturers are trying to maintain their impulse from EV sales after the end of the tax credit. The incentives expired as part of Bill Beaut Bill's Law “of the Trump administration, which the old Tentro stripped, but included some advantages to buy a assembly vehicle in the United States, regardless of whether it is an EV.
Hyundai said Wednesday that it is reducing prices for its 2026 Ioniq 5 EV for up to $ 9,800 and offering an cash incentive of $ 7,500 in 2025 models, which coincide with federal credits.
“We are very optimistic when it comes to EV sales in the market,” said Randy Parker, CEO of Hyundai Motor America, and added that the brand is also evaluating prices on other models. “There will be a small restart in October, probably even in November, but the EV market will be established, and at that time, we see this as an opportunity … we are not going back.”
GM and Ford also extended essentially the use of a US $ 7,500 tax credit on electric vehicle leases, Reuters reported Monday, by implementing programs to their retailers under which the financing arm of car manufacturers would initiate the purchase of EV in the inventory of concessionaires by reducing payments on them.
