Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Business The Chevy Bolt has taken General Motors to the second top-selling EV spot in the U.S.

The Chevy Bolt has taken General Motors to the second top-selling EV spot in the U.S. (Photo by Samuel Corum/Anadolu Agency/Getty Images)

By Savannah Young Leaders Staff

Savannah Young

News Writer

Savannah Young is a news writer for Leaders Media. Previously, she was a digital reporter for WATE Channel 6 (ABC)...

Full bio


Learn about our editorial policy

Apr 6, 2023

GM And Ford: Racing Off In EV Sales

General Motors (GM) has overtaken Ford as the number-two best-selling electric vehicle (EV) brand for the year’s first quarter, catching up to Tesla.

Key Details

  • GM sold 20,670 EVs during the first quarter of 2023, up 17.6% compared to last year.
  • Ford was up 41% compared to the same period the previous year but sold 10,866 EVs in the U.S.—just more than half of what GM did.
  • Tesla remains the top-selling EV brand in the U.S., delivering around 181,000 cars during the first quarter of the year, putting it well ahead of the others, according to Tridens Technology data.

Why it’s news

Demand for EVs is surging around the world—as more models become available and as price parity with gas-powered cars gets closer. For years, Tesla has held commanding market share above 70%, which will inevitably fall as more manufacturers get into the market with more models.

Since January 2022, for example, Tesla’s share of the EV market fell from 72% to 54%—and it will likely slide below 50% in the next month or two, S&P Global Mobility analyst Tom Libby tells Axios.

EV newcomers GM and Ford are pushing electric production, aiming to take market share from the EV giant. 

GM recently outsold Ford by selling 20,670 EVs during the first quarter of 2023, outselling the company by nearly two-to-one. The company’s top performer was the Chevrolet Bolt, selling around 19,700 vehicles, making it the third top-selling EV in the country.

Ford was the third-highest EV automaker in the U.S. for the first quarter, delivering around 10,886 electric vehicles—a 41% increase from the previous year. The company says it could have had a higher sale rate, but it had to pause production of its high-performing Mustang Mach-E while it retooled a factory in Mexico to increase production, according to AP News.

Production of the Mach-E was paused for several weeks of the quarter, along with the F-150 Lightning truck, which was paused due to a battery issue—cutting into vehicle sales. 

Regardless of the issues, Ford’s EV lineup increased 41% in sales, taking the company to the third best-selling spot in the U.S., and the company says it is pushing electric vehicle production, aiming to take market share from both GM and Tesla to become the leading EV seller in America. 

The company is heavily pushing ahead with EV production with a $5.6 billion manufacturing plant that can produce half a million trucks annually.

The factory, BlueOval City, in Stanton, Tennessee, is expected to open in 2025 and make 500,000 electric trucks yearly—40% more than the company’s original goal.

The plant will make a quarter of the 2 million EVs Ford plans to build each year by the end of 2026.

The recent announcement comes as the company attempts to build its EV presence to compete with forerunner Tesla by investing $50 billion into developing and manufacturing EVs by 2026.

Ford has set a goal of an 8% margin on EV earnings before interest and taxes by 2026, with the new production, the company believes it can close the earnings gap with Tesla, which is operating at nearly 17%.

“We can do better than 8%, especially on a pickup truck,” says Farley. “The reality is that Tesla has not had a lot of competition until Ford and other brands, so their pricing is going to go down. Year over year, Tesla’s prices have come down $7,000.”

Other Ford News

Ford did not only see growth in its electric vehicles but also saw a 10% increase overall in its quarterly U.S. sales. The increase was primarily led by its electric F-Series pickups, new Bronco SUVs, and EVs.

The automaker sold 475,906 vehicles during the first three months of the year, up 10.1% from the previous year.

The company’s truck sales rose by nearly 20%, car sales were up by 5.1%, and EV sales increased by 41%. While EV sales increased 41%, the total number of EV sales amounted to less than 10,900 vehicles or about 2.3% of its quarterly sales.

Of the nearly 500,000 sales, 4,291 were Ford’s electric F-150 Lightning truck. Ford delivered 13,258 electric F-150s in 2022 with plans to build the all-electric pickup trucks at a rate of 150,000 vehicles a year by 2023, and the company recently reported that it is still on track to meet its production goals. 

The company ​​reported sales of 170,377 F-Series pickups in the first quarter this year, up about 21% compared with a year earlier. Other notable increases include its Bronco SUV, up nearly 38%, Explorer SUV, up 36%, and the Expedition, which nearly doubled its sales, according to CNBC.

Home / News / GM And Ford: Racing Off In EV Sales
Share
FacebookTweetEmailLinkedIn

Related Stories

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Loans and Borrowing

Oct 23, 2023

car loans, used cars

A record number of Americans are behind on their car loan payments as higher interest rates and prices weigh on consumers.

Key Details

  • According to data from Fitch Ratings, 6.11% of car loans were at least 60 days delinquent in September, the highest since tracking began in the early 2000s.
  • Some interest rates on used cars can rise to as much as 21%, according to Bankrate.
  • Soaring prices and rising interest rates are squeezing consumers, making it difficult for some to keep up with their auto loans.

Go deeper

FacebookTweetEmailLinkedIn

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
Markets

Oct 23, 2023

Chevron Gas Deal

Chevron is acquiring Hess Corp. for $53 billion, the second significant oil producer acquisition this month as crude prices climb.

Key Details

  • Chevron is purchasing Hess in an all-cash deal worth $53 billion, including debt and preferred stock redemption.
  • This comes just weeks after ExxonMobil announced its $59.5 billion purchase of Pioneer Natural Resources.
  • With oil over $80 per barrel, major producers are using their windfall profits to acquire smaller players and boost payouts to shareholders.
  • Chevron expects the deal to close in H1 2023 pending regulatory approvals and Hess shareholder vote.
  • Hess CEO John Hess will join Chevron's board once the acquisition is complete.

Go deeper

FacebookTweetEmailLinkedIn
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff
blue collar workers
Retirement

Oct 20, 2023

Explaining The ‘C+ Grade’ Retirement Ecosystem in The United States

by PJ Howland Leaders Staff
netflix building
Entertainment

Oct 19, 2023

Netflix Hiking Prices While Adding Millions of Subscribers

by Colin Baker Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2025 Leaders.com - All rights reserved.

Search Leaders.com