General Motors, Ford Hit Record EV Deliveries In Q3: Tax Credit Expiration Or Lasting Growth?

Core Insights - Ford and General Motors reported record electric vehicle (EV) sales in Q3, raising questions about the sustainability of this growth post-expiration of the $7,500 federal tax credit [1][6] Ford's Performance - Ford's overall automotive sales in the U.S. increased by 8.2%, marking the seventh consecutive month of sales growth [2] - Electric vehicle sales reached 85,789 units, a year-over-year increase of 19.8% [2] - The Mustang Mach-E achieved its best quarter ever with sales up 50.7% year-over-year, while the F-150 Lightning sold 10,005 units, up 16.5% quarter-over-quarter [2] General Motors' Performance - General Motors sold a record 66,501 electric vehicles in Q3, attributing strong demand to the expiration of the federal tax credit [4] - The Equinox EV became the bestselling non-Tesla electric vehicle in the U.S. [4] - GM's Cadillac brand had three of the top 10 bestselling luxury EVs in the U.S. through September [5] - Year-to-date, GM sold 144,668 EVs, a 103% increase year-over-year [5] Industry Context - Tesla also reported a record quarter with 497,009 vehicles delivered in Q3, coinciding with the last quarter of the $7,500 federal EV tax credit [6] - The fourth quarter may see a significant decline in sales compared to Q3, with the first quarter of the following year expected to be a critical test for the U.S. EV market without the tax credit [7]