If you have been reading the news lately, Ford is making a big push for electric vehicles. However, this year’s big push from the Ford Mustang Mach-E isn’t enough to be a real threat to Tesla. Will Ford and GM be able to catch up by 2025?
Ford and GM are in a race to sell the most electric vehicles
A recent article by Business Insider noted that Ford was on track to sell more electric vehicles than GM. Meanwhile, both of the major automakers were aiming to catch Tesla in sales. “Ford is on track to sell more electric cars in the US this year than its biggest rival, GM,” it said. While that might be true, this isn’t exactly a race against Tesla.
GM has not had a good year with electric vehicles. The Chevy Bolt EV and EUV were catching fire at every turn. Chevy had to jump into action, stopping sales and attempting to replace batteries on the doomed electric vehicle. Then, it had to stop building the new Chevy Bolt EVs. For now, that remains the case.
Ford has had a stellar year selling the Ford Mustang Mach-E, but it isn’t anything like where Tesla is. Even with Tesla pulling back on year-end deliveries, it is still lightyears ahead.
Sales for GM were strong before the Chevy Bolt disaster, but Ford is pulling ahead
In the first 10 months of the year, Ford sold 21,703 Mustang Mach-E EVs. Compare that to 24,810 sales of the Chevy Bolt, and Chevy takes the lead. However, there likely won’t be any more sales of the Bolt this year due to the fire disaster. Ford will probably continue to sell Mach-E vehicles in the next month or so, putting it just ahead of GM.
In comparison, Tesla sold just under 500,000 vehicles in 2020. In 2021, it is aiming for around 900,000 electric cars delivered. Tesla only sells electric vehicles, though. Ford and GM both sell other kinds of vehicles, but the race is on specifically for EVs.
Historically, GM has had more success than Ford with electric vehicle sales. The Bolt has been a big seller since 2016, as was the plug-in hybrid Volt back in the early 2010s. Ford just started selling the Mach-E this year. But again, Tesla has been selling electric vehicles alone for years now.
There might be a shift in EV sales by 2025, but the market isn’t there yet
Morgan Stanley projects that Ford will outsell GM in 2022, but GM will catch up. It is predicted that Ford will sell 473,000 EVs, and GM will beat that number with 600,000 electric vehicles sold by 2025. Tesla aims to outsell each year by around 40% to 50%, which would put it well past 1.5 million cars sold. That is an incredible amount of vehicles, though.
Once the new federal tax incentives get ironed out, there might be a significant shift in buying behaviors next year. For now, Tesla remains in the top spot for sales. In fact, the Tesla Model 3 is the most popular, fastest-selling used car in America. The year 2025 might change things, but the market isn’t there yet.