Ford November sales down on EV demand hit, following Hyundai and Kia

Ford’s (F) November US sales took a slight hit as its EV sales slide continued, a trend that also has rivals suffering.

Ford reported November sales dipped 0.9% to 166,374 units sold, with SUVs like the Explorer and pickups like the Ranger and Maverick leading sales. However, EV sales tumbled 60.8%, accelerating the same trend seen in October as consumers sour on EVs, at least at the moment, following the expiration of the EV tax credit at the end of September.

Sales of Ford’s volume EV, the Mustang Mach-E, slid nearly 50% to just over 3,000 units sold; meanwhile, sales of the F-150 Lightning EV pickup shed over 70% to just over 1,000 trucks sold.

It’s a big reversal for Ford’s EV business, which saw a massive run-up in sales in the third quarter, with EV sales jumping 30%.

Despite the strong electrified vehicle sales in Q3, its EV business — known as Model e — lost $1.4 billion last quarter. And with sales slumping post tax credit, Ford has paused production of its F-150 Lightning to prioritize assembly of its gas-powered trucks following the Novelis aluminum plant fire in New York this September, though the company did say its inventory of Lightnings is stable.

Ford did not say when it would restart Lightning production, but the Wall Street Journal reported Ford was considering canceling the truck, which would be a hit to Ford’s EV ambitions, as demand couldn’t be sustained with the high prices of the Lightning.

EV woes aside, Ford’s gas-powered vehicle sales powered on. Truck sales were led by the Maverick and Ranger, but F-Series trucks dipped nearly 10% as the Novelis fire likely hit supply.

The aforementioned Explorer and even the Mustang sports car saw sales gains.

Earlier, Hyundai’s (000720.KS) November sales dipped, with purchases of its once-popular EVs like the IONIQ 5 and IONIQ6 dipped over 50%.

Kia (000270.KS) continued its strong run in 2025, posting its best November sales month ever, with a 3% gain. However, EV sales slid by more than half.

Honda’s (HMC) sales for the month dipped nearly 17% in November, with the company blaming the Nexperia chip crisis as a drag on supply. Sales of the Honda Prologue EV and its twin, the Acura ZDX, each tumbled over 80%.

S&P Global Mobility projects November’s total sales in the US will slide 8%, hit by the loss of EV tax credits and higher prices in general.

“The market continues to adjust to lower battery electric vehicle (BEV) volumes following the Q3 selloff, while ever-present new vehicle affordability concerns for consumers remain stubbornly sticky, S&P Global Mobility analyst Chris Hopson wrote in a report. “Automakers are looking to end 2025 on a strong note, but momentum could be hard to find.”