GM EV Sales Up 111%, Crush Ford

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By Douglas A. McIntyre Published

Key Points

  • GM Is Closer To Catching Tesla

  • Ford Recall Problem Hits EV Sales

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GM EV Sales Up 111%, Crush Ford

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GM (NYSE: GM | GM Price Prediction) sold 46,280 EVs in the second quarter, which was up 111% compared to the same quarter a year ago, according to Battery Technology. Ford sold 16,428, which was down 31%. Ford (NYSE: F) blamed its numbers on recalls. Given that Ford has had a recall every three days so far this year, this should come as no surprise. And, it’s “fuzzy math”.  Comparing recalls to sales makes no sense.

GM has started to move much closer to Tesla (NASDAQ: TSLA) in terms of US sales units. Because Tesla does not break out its US market share, it is not possible to know the exact number. It is estimated to be 45% and falling fast. GM’s EV share is about 15%.

The key to GM’s success is its multibrand strategy. Chevrolet sales enable GM to dominate the mid-market. Cadillac has doubled down on its EV strategy. Aside from an EV version of the Escalade, it recently launched two new models–the Vistiq and Lyriq. Cadillac is also offering 2.9% APR financing, a rate significantly below the market.

Ford, on the other hand, has a flawed strategy. Its most enormous blunder is that it cannot build quality cars. The other is that its EV branding is based on the Ford F-150 Lightning and Mustang Mach-E. Full-size pickup drivers don’t want an electric engine. The Mustang has been a gas-powered sports car since its introduction in 1964. Suddenly, Ford turned it into an EV crossover. To make matters worse, these are self-inflicted wounds, created by Ford CEO Jim Farley’s management.

Across town in Detroit, GM CEO Mary Barra has employed a multibrand EV strategy and combined it with the ability to make high-quality cars.

If any US car company is going to catch up with Tesla, it is likely to be GM. Ford bungled its chance

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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