Tesla vs. Ford: What their latest sales tell us about the EV and hybrid car market

Tesla and Ford have both shared their third-quarter sales numbers for 2024, offering a snapshot of how these two automotive giants are navigating the evolving world of electric and hybrid vehicles. Tesla, the leading name in electric cars, saw global deliveries rise 6.3% year-over-year to 462,890 units, which met most expectations but left some investors wanting a bit more.

Ford, on the other hand, reported slightly more modest growth in U.S. sales, which climbed 0.7% to 504,039 vehicles in the same period. However, a standout for Ford was the increasing demand for its hybrid vehicles, with sales up 38% as more drivers look for eco-friendly alternatives.

Mixed reactions from Wall Street

While both companies showed growth, reactions from investors were mixed. Tesla’s stock fell over 4% after the report, as some were hoping for an even stronger showing. Ford shares also dropped, slipping about 2.3%, despite the positive performance in hybrid sales.

Tesla’s CEO Elon Musk has been promoting the company’s move towards autonomous driving as its next big leap, but for now, Tesla’s numbers suggest steady growth, though not quite the explosive jump some analysts expected. For Ford, it’s clear that hybrid vehicles are becoming a crucial part of their lineup, especially as customers look for more options beyond just electric.

Looking ahead

Both Tesla and Ford still have big moments ahead this month. Tesla will showcase its new robotaxi technology on 10 October, followed by its Q3 earnings report later in the month. Meanwhile, Ford’s strategy of offering a range of powertrain options, from traditional gas-powered vehicles to hybrids, seems to be paying off with a broader range of customers.

Whether you’re a fan of electric vehicles or more interested in hybrids, both Tesla and Ford are proving that there’s no one-size-fits-all approach in the evolving auto market. 

(Sources: Agence France-Presse, Forbes)