Although Ford set a new monthly EV sales record in November, demand for the electric F-150 Lightning pickup continued falling. Luckily, higher Mustang Mach-E and E-Transit sales carried the weight.

Ford EV sales reach new record in November 2024

The automaker sold 166,373 vehicles in the US last month, up 14% year over year and its best November sales month since the pandemic.

Ford set a new monthly EV sales record with 10,821 all-electric models sold in November, up 21%. Despite the record-setting performance, Ford sold fewer F-150 Lightning electric pickups than last November.

F-150 Lightning sales fell 17% from 4,393 in November 2023 to 3,643 last month. Through the first 11 months of the year, Ford Lightning sales are still up 39% at over 28,300. Meanwhile, Ford’s other two all-electric models boosted the growth.

With another 5,938 Mustang Mach-Es sold last month, Ford’s electric crossover SUV remains a top seller in the US.

Through November, Ford has sold nearly 45,000 Mach-E models, 25% more than the roughly 36,000 handed over last year. Ford’s electric van saw significantly higher sales, with 1,240 E-Transit vans sold last month, up 358% from November 2023.

Despite the growth, Ford’s stock was down on Wednesday following its November sales release. Shares of Ford Motor (NYSE: F) are down 6% in 2024.

Keeping up with the competition

Ford’s record EV sales come as several rivals also reported higher demand for electric models. Kia and Hyundai both set new November sales records as new EVs, like the 2025 IONIQ 5 and three-row EV9, gain momentum.

Honda is another brand to keep an eye on in the US electric vehicle market. Despite delivering the first models in March, Honda has sold over 25,000 Prologue electric SUVs in the US. With over 6,800 Prologue models sold in November, Honda’s electric SUV even outpaced the Mustang Mach-E.

Ford’s electric pickup is also facing stiff competition from the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra Denali EV hitting the market.

To keep up with the competition, Ford is offering significant incentives on its EV models to close out the year with several discount programs. Ford is offering 0% interest for 72 months and $5,000 in Bonus Cash.

Lease bonuses are even better, with up to $10,500 off the 2024 Mustang Mach-E and $6,500 off the F-150 Lightning.

Through its “Ford Power Promise,” the company is also giving EV buyers a free Level 2 home charger and covering the cost of installation. Ford is also providing free 24/7 live support and an 8-year/ 100,000-mile battery warranty.

Ready to take advantage of the savings? They may not last long. You can use our links below to view offers on the Ford F-150 Lightning and Mustang Mach-E in your area.

Volkswagen CEO Olivier Blume faced a huge booing crowd in Germany today, telling tens of thousands of workers that the company isn’t operating in “a fantasy world” and that plants will be closing and jobs will be lost. Here’s the latest.

On Monday, a hundred thousand workers walked off at nine Volkswagen factories across Germany, including its EV-only factory, bringing assembly lines to a grinding halt in the battle over the slashed pay, lost jobs, and the automaker’s future. Now Blume is locked in an intense dispute with IG Metall, with management pushing for major cuts while workers are threatening more strikes if a fair deal isn’t met.

Today, a group of about 20,000 workers at VW’s main plant in Wolfsburg listened to Blume make the claim that the company has its hands tied. “As management we are not operating in a fantasy world. We are making decisions in a rapidly changing environment,” he told workers, according to Automotive News Europe. Blume added that he grew up in the region and Wolfsburg was close to his heart, but that sentiment was met with roaring boos from the crowd.

Volkswagen and IG Metall are scheduled to meet for a fourth round of talks on December 9.

The strike comes after weeks of collective bargaining negotiations in which Volkswagen didn’t back down from its plan to potentially cut thousands of jobs and close factories in Germany – a first in the automaker’s 87-year history in the country. Volkswagen plans to close at least three factories, lay off thousands of workers, and trim pay for those remaining by 10%, all as it fights to stay alive amid stiff competition from China. Volkswagen announced that it would officially close its Audi plant in Brussels where it makes the Audi Q8 E-Tron.

“The price pressure is immense,” Blume said, adding that VW was struggling in its biggest market China and that labor costs in Germany were too high to compete. “We therefore urgently need to take measures to secure the future of Volkswagen,” he said, according to the report. “Our plans for this are on the table.”

A rough comparison of wage data from 2023 shows that, on average, the hourly wage for a worker in the German automobile industry is about 33 euros ($34,72), which has been mostly unchanged in the past few years. Looking at autoworker wages in China, a Reuters analysis of 30 auto firms in the country, including Tesla, SAIC, and Xpeng, shows hourly wages of 14 yuan ($1.93) to 31 yuan ($4.27). BYD posted a position last year at its Shenzhen factory with a monthly income starting at 5,000 yuan, or $688.

Meanwhile, Blume makes about $10 million a year, with reports saying that wage cuts haven’t included his own. VW’s labor council head Daniela Cavallo has criticized Blume for not being willing to make sacrifices in management and among the shareholders. She said the union is aiming for a deal to be finalized by Christmas. “That will mean compromises. Concessions too. Things that you don’t like and that sometimes hurt you one way or another. But that has to apply to all sides,” she said. “Otherwise, it’s not a compromise.”

This comes at a time when VW is radically restructuring its business to cut costs, while seeking to streamline production and development processes, shaving off months on the development cycles of specific projects to help tighten the belts, all while rethinking its EV retail model to stay more competitive. Volkswagen has been facing a steep decline in sales in China, which is its core market, while simultaneously facing challenges from BYD and other Chinese automakers entering the European market.

As an aside, the strikes didn’t spread to its factories in the US, where many workers are unrepresented by unions. The United Auto Workers represent only one Volkswagen plant in Chattanooga, Tennessee, but they were not involved in the European strikes.

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As it struggles to keep up with low-cost rivals like BYD, GM expects to suffer a $5 billion blow to its business in China. The multi-billion hit comes as GM rapidly loses market share in the world’s largest EV market.

GM sees $5 billion impact from restructuring in China

GM’s Chinese joint venture, SAIC-GM (SGM), a 50-50 partnership with state-owned SAIC Motor, is facing an over $5 billion impact as it restructures the business.

SAIC-GM revealed in a regulatory filing on Wednesday (via The New York Times) that it expects to write down between $2.6 billion and $2.9 billion in the fourth quarter. The automaker is also expecting another $2.7 billion in restructuring expenses.

According to the filing, GM’s latest measures will include “plant closures and portfolio optimization.” However, no specifics were given about which facilities would be included.

GM is “focused on capital efficiency and cost discipline” as it works with SGM to “turn around the business in China.” The company is close to finalizing a restructuring plan and expects year-over-year (YOY) improvement in 2025.

The announcement comes as GM’s market share in China has nearly halved over the past 10 years. GM’s market share in China fell from around 15% in 2015 to just 8.6% last year.

With three straight quarterly losses, GM has lost nearly $350 million in China this year. Its sales are down nearly 20% through the first nine months of 2024.

Like most legacy automakers, GM is struggling to keep pace with low-cost EV makers like BYD in China. BYD sold a record 506,804 vehicles in November, its second straight month topping the 500,000 mark. Through the first 11 months of the year, BYD has sold over 3.7 million EV and PHEV models.

BYD surpassed Volkswagen to become China’s top-selling car brand last year, ending the German automaker’s four-decade run.

As it expands overseas, BYD is now on pace to surpass Ford in global deliveries, which could make it the sixth-largest automaker globally.

Electrek’s Take

With low-priced EV models, like its top-selling Seagull, starting under $10,000 in China, BYD is squeezing legacy automakers like GM, VW, and Ford out of the market.

As it looks to overcome the new wave of EVs launching in China, BYD is quickly expanding in overseas markets like Southeast Asia, Central and South America, and parts of Europe.

For the first time in Q3, BYD delivered more vehicles than Nissan and Honda. Can it catch up to Ford and other leading global automakers? Although best known for its cheap EV models, China’s auto giant is quickly expanding into new segments like pickup trucks, midsize smart SUVs, and luxury models.

GM’s CEO Mary Barra told Fortune in October that China’s EV price war “has become a race to the bottom with pricing and the level of subsidies.” Barra explained that low-cost loans enable some companies to sell cars at a loss, which puts pressure on foreign automakers like GM.

Meanwhile, in the US, GM sold a record 32,095 EVs in the third quarter, up 60% year over year. The record sales were enough to top Ford and Hyundai, making GM the number two seller of EVs in North America, behind Tesla.

GM said its EV profitability in North America is steadily improving. The company expects to generate between $10.4 billion and $11.1 billion in net income this year.