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 said 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 with 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.
Japan’s largest carmakers that don’t offer many EVs reported varying results for the quarter. Toyota Motor — the world’s largest automaker — said its quarterly sales increased 16%, while Honda Motor’s sales fell 2% from a year earlier. Nissan Motor reported an increase of 5.3%.
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