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Ford Mustang Mach-E and F-150 Lightning on display at the New York Auto Show on March 28, 2024.
Danielle DeVries | CNBC
DETROIT – Strong electric vehicle sales are leading to robust third-quarter results for major automakers, as consumers flocked to car dealerships before the end of $7,500 in federal incentives for EVs.
Ford Motor, General Motors and Hyundai all reported record quarterly sales of all-electric vehicles from July through September.
Both GM and Ford reported third-quarter sales overall increased roughly 8% from a year earlier, with EV sales more than doubling for GM. Ford said sales of its EVs increased by 30% compared to the third quarter of 2024.
Hyundai reported its namesake brand recorded a 13% year-over-year sales increase during the third quarter, also led by doubling sales of all-electric vehicles.
GM said it remained the top automaker in U.S. sales through the third quarter of this year, with the Detroit automaker estimating a market share of 17.2% – its highest position since 2015.
"No one is in a stronger position for a changing U.S. market than GM. We have the best lineup of ICE and EV vehicles we've ever had, and our brands have grown market share with consistently strong pricing, low incentives and inventory," GM North American President Duncan Aldred said in a release.
GM on Wednesday estimated the industry-wide sales pace for the third quarter was 16.7 million to 16.9 million units — higher than some earlier industry estimates.
U.S. 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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