GM And Ford Show Electric Pickups And SUVs Refute The EV Slowdown6 Jun 2024 12:28
Brock
The signs are there so lets hope so. Iam expecting good numbers from all the things going on atm.
On Wednesday, Ford reported its EV sales in the U.S. surged 88% during the first five months of the year, also defying the trend that Tesla reported. In May alone, Ford reported its EV sales in the U.S. rose almost 65% YoY as it sold 8,966 EVs. More specifically, Ford reported its E-transit van experienced a 77% rise, the electric F-150 pickup, the Lightning, reported an impressive 91% growth and Mach-E also went up 45.9%. What’s even more impressive is that Ford achieved such impressive growth amid intense competition from the EV king itself, Tesla, with the F-150 going against the Cybertruck and the Mach-E going up against Model Y on the SUV front. This is another blow for Tesla, after Ford already refuted Tesla CEO’s claims that everyone had a tough first quarter, during which Ford sold 20,223 EVs. But, Ford still expects its EV business to widen its EBIT loss this year, as it guided it to be between $5.5 billion and $5 billion for the full year.
General Motors (NYSE: GM) CEO Mary Barra assured investors that electrification is well underway with May being GM’s best ever EV sales month, defying the slowdown even the EV king, Tesla Inc (NASDAQ: TSLA), is struggling with. The EV push is owed to ongoing growth for Cadillac Lyriq, Chevrolet Blazer EV, GMC Hummer EV and Chevrolet Silverado EV, but more will be known when GM reports its second quarter results in July. Barra also noted that GM still expects 2024 to be a record year of EV sales.
https://uk.finance.yahoo.com/news/gm-ford-show-electric-pickups-183308526.html#:~:text=More%20specifically%2C%20Ford%20reported%20its,E%20also%20went%20up%2045.9%25.