Ford officially overthrown by GM in Q3 electric vehicle sales in the US

Published

1 month ago

October 2, 2024

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Ford said it remains the second best-selling EV brand in the US behind Tesla, but is it really? Ford was topped by GM in Q3 electric vehicle sales as the race intensifies into the end of the year.

Ford topped by GM in Q3 electric vehicle sales in the US

On Monday, GM announced that EV sales surged 60% in the third quarter. However, Ford says it remains America’s number two EV brand in 2024.

Ford released its Q3 sales numbers on Tuesday, showing a 12% increase in EV sales year-over-year.

Ford sold 23,509 electric vehicles in the third quarter, slightly less than the 23,957 sold in Q2 but still up from the 20,962 sold last year.

The company sold 13,392 Mach-E models last quarter, down 9.8% from Q3 2023. Ford’s electric F-150 Lightning pickup saw higher demand, with sales up 104.5% to 7,162.

Ford’s E-Transit remains America’s best-selling electric van. With another 2,955 units sold in the third quarter, E-Transit sales reached 9,256 through September, up 67% YOY.

With 32,095 EVs sold over the last three months, rival GM outpaced Ford. Several new all-electric GM models, including Chevy’s Equinox, Blazer, and Silverado EVs, are hitting the market. The strong Q3 performance pushed GM’s share of the US EV market to 9.5%. That’s up from 7.1% in Q2.

Despite this, Ford said it remained on top through the first nine months of 2024. Through September, Ford’s EV sales reached 67,689 in the US.

According to sales data, GM is actually number two in the US EV market, with 70,450 electric models sold in 2024.

To boost sales, Ford introduced a new “Ford Power Promise” program. Starting October 1, 2024, Ford is giving all new EV buyers a free home charger and covering the cost of standard installation. According to Ford, most buyers don’t realize the true benefits of driving an electric car, like home charging. The program is designed to convert potential buyers who are on the fence about going electric.

Electrek’s Take

With six electric vehicles on the market (not including the Brightdrop van and Chevy Bolt EV/EUV), it’s no wonder GM is outpacing Ford.

GM’s “EV for everyone” strategy is finally coming together with an electric car rolling out in high-demand segments.

Despite talk of an “EV slowdown” in the US, GM and others are proving there is demand if you offer the right model at an affordable cost.

For this reason, Ford is doubling down on smaller, more affordable EVs. The company has a team out in California developing a low-cost platform for future electric models.

The first will be a new electric pickup, due out in 2027. Ford also canceled plans to launch its three-row electric SUV as it shifts focus to smaller models.

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

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3 hours ago

November 5, 2024

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

On today’s episode of Quick Charge, Tesla’s Cybertruck is now available in Canada – and, like in the US, there’s no waiting! Plus, we’ve got an “actually” smart summon Tesla that’s actually stuck, GM reaches a sales milestone, and we get a brand-new title sponsor!

Today’s episode is the first with our new title sponsor, BLUETTI – a leading provider of portable power stations, solar generators, and energy storage systems.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonusLucid proves than an EV company can keep its promises while Xiaomi teams up with Chevrolet and Honda to prove – at least conceptually – that records are made to be broken. audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

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This ‘supercharger on wheels’ brings fast charging to you [update]

Published

5 hours ago

November 4, 2024

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This 'supercharger on wheels' brings fast charging to you [update]

Mobile car care company Yoshi Mobility launched a DC fast charging EV mobile unit that it likens to “a supercharger on wheels.”

November 4, 2024 update: Yoshi Mobility will only be charging EVs on the side of the road now – it announced today that it’s selling its fleet fueling operation to EZFill Holdings (Nasdaq: EZFL).

It was originally founded as a direct-to-consumer, mobile fueling business in 2016, but now it’s going to focus on mobile EV charging, virtual vehicle inspections for partners like Uber and Turo, and onsite preventative maintenance.

Bryan Frist, Yoshi Mobility’s CEO & cofounder, said, “By spinning off our fuel business and focusing all of our energy on solving hair-on-fire problems that fleet owners face, we are meeting the changing needs of enterprise customers while making the future of transportation safer, cleaner, and more sustainable.”

May 22, 2024: Yoshi Mobility saw that its existing customers needed mobile EV charging in places where infrastructure has yet to be installed, so the Nashville-based company decided to bring the mountain to Moses.

“We recognized a demand among our customers for convenient daily charging, reliable private charging networks, and proper charging infrastructure to support their fleet vehicles as they transition to electric,” said Dan Hunter, Yoshi Mobility’s chief EV officer and cofounder.

The company says its 240 kW mobile DC fast charger, which can turn “any EV” into a mobile charging unit, is the first fully electric mobile charger available. It can provide multiple charges in a single trip but doesn’t detail how they charge the DC fast charger or who manufactured it. (I asked for more details, and they replied that they won’t disclose client names or the manufacturer of its DC fast charger yet.)

Yoshi is launching its mobile charger on two GM BrightDrop Zevo 600s and will introduce additional vehicles throughout 2024. It aims for full commercialization by Q1 2025. (I wonder if the Zevo 600 ever charges itself? Yes, I asked that too.)

Yoshi Mobility says it’s already deployed its EV charging solutions to service “major OEMs, autonomous vehicle companies, and rideshare operators” across the US. Its initial customers are made up of large EV operators managing “hundreds” of light-duty vehicles requiring up to 1 megawatt of energy per day that don’t yet have grid-connected EV chargers. I’ve asked Yoshi for details of who it’s working with, and will update if they share that info.

The company says pricing is based on location and enterprise charging needs. Once under contract for service, the service will be deployed to US-based customers within 10 days.

To date, Yoshi Mobility has raised more than $60 million, with investments from GM Ventures, Bridgestone, ExxonMobil, and Y-Combinator in Silicon Valley.

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Marqeta shares plunge more than 30% on big forecast miss

Published

5 hours ago

November 4, 2024

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Marqeta shares plunge more than 30% on big forecast miss

Marqeta celebrates its initial public offering at the Nasdaq on June 9, 2021.

Source: The Nasdaq

Marqeta shares tumbled more than 30% in extended trading on Monday after the company issued weaker-than-expected guidance for the fourth quarter.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

Loss per share: 6 cents adjusted vs. a loss of 5 cents expected
Revenue: $128 million vs. $128.1 million expected

While third-quarter results showed a slight disappointment on the top and bottom lines, Marqeta’s forecast for the current period was more concerning.

The payment processing firm said revenue in the fourth quarter will increase 10% to 12% from a year earlier. Analysts were looking for growth of more than 17%, according to LSEG.

Marqeta, which primarily functions as a card-issuing platform, attributed the guidance miss to “heightened scrutiny of the banking environment and specific customer program changes.” The company has been struggling for a while, and its stock is now down more than 80% from its peak in 2021, the year it went public. The stock was down 15% for the year prior to the report.

Total processing volume of $74 billion was up more than 30% from a year earlier. Net revenue and gross profit were up 18% and 24%, respectively.

Marqeta’s digital commerce business sells payment technology designed to detect potential fraud and ensure that money is properly routed. It also issues customized physical cards that look like a credit or debit card that can be used for point-of-sale purchases.

The company has been trying to break into the buy now, pay later business with a recently launched product called Marqeta Flex. The service brings BNPL from lenders such as Affirm or Klarna to any credit card wherever Mastercard and Visa are accepted.

“It’s an orchestration layer, but it’s tied to issuing and processing and disputes and chargebacks,” CEO Simon Khalaf told CNBC at Money2020 in Las Vegas last week. “So it is not actually a Wild West in BNPL. It is actually very well established. And there is a reason why a lot of people are jumping to it.”