General Motors (GM) has surpassed rival automaker Ford Motor Co. (F) to become the second-best seller of electric vehicles in the U.S., behind only Tesla (TSLA).
General Motors sold 20,670 electric vehicles during this year’s first quarter, nearly double the 10,866 electric vehicles sold by Ford during Q1.
Ford’s electric vehicle sales during this year’s first quarter dropped its ranking to fifth in the U.S. behind Tesla, GM, Hyundai Motor (HYMTF) and Volkswagen (VOW3), according to auto industry data.
Ford’s electric vehicle sales declined in Q1 due to production shutdowns at two of the Detroit automaker’s North American plants.
And while General Motors moved up in the sales rankings, the company still trails market leader Tesla, which sold 161,630 electric vehicles in the U.S. between January and March of this year.
Tesla has said that it expects to produce 20 million electric vehicles per year by 2030.
Most of General Motor’s electric vehicle sales were of its Chevrolet Bolt that costs less than $30,000 U.S. to purchase.
General Motors said it plans to build 50,000 electric vehicles in the first half of this year, and 100,000 in the second half of 2023.
GM’s stock has fallen 14% over the last 12 months to trade at $35.74 U.S. per share.
