Key facts
- Ford's US market share is projected to drop to 12.5% by the end of the third quarter, down from 13.4% a year earlier.
- GM's US market share is estimated to be 16.7% by the end of the third quarter, down from 17.4% a year earlier.
- Ford's vehicle sales are expected to decline 8.8% year-to-date, while GM's are projected to fall 6.2%.
- The combined market share of GM, Ford, and Stellantis is expected to reach an all-time low of around 36%.
- Automakers with hybrid models, such as Hyundai, Kia, Toyota, and Honda, are gaining market share.
- Cox Automotive increased its US vehicle sales forecast for the year to 16.1 million units.
General Motors and Ford Motor are projected to lose more US market share than any other automakers so far this year, according to a forecast released Thursday by Cox Automotive. The decline is attributed to a relative lack of fuel-efficient vehicles, particularly hybrids, compared to competitors, as consumers face high gas prices.
Ford's vehicle sales are expected to drop 8.8% through the first three quarters of the year, which would reduce its market share to 12.5%. GM's sales are projected to decline 6.2% year-to-date, with its market share estimated at 16.7% by the end of September, down from 17.4% a year prior. These declines would be the steepest among 13 tracked car companies.
Analysts suggest that both GM and Ford are being impacted by their limited offerings of hybrid models. Ford's sales were also affected by the discontinuation of its fuel-efficient Escape compact SUV and lower pickup-truck production due to a fire at an aluminum supplier. Automakers with a strong lineup of hybrid vehicles have performed better amid rising gas prices, influenced by the Iran war.
Combined sales from Hyundai and Kia are anticipated to surpass Ford's in the third quarter, a first for the South Korean automakers. Toyota, a leader in hybrid sales, is expected to see a 1.1% sales gain, while Honda's sales are projected to increase by 5.6%. Cox forecasters have raised their overall US vehicle sales expectation for the year to 16.1 million units, from a previous forecast of 15.8 million, noting the market has remained surprisingly steady despite economic pressures.