Electric Pickups And SUVs Continue To Power Up GM And Ford's EV Progress

This week, Ford Motor Company (NYSE:F) revealed it had its second-best quarter despite challenges as its U.S. EV sales improved both during the quarter and in June. General Motors (NYSE:GM) also posted its best quarterly sales figures in more than three years and it owes it to notable increases in pickup truck and EV sales. Moreover, its second quarter EV deliveries reached a record, while its full-size pickup truck deliveries were the highest since 2021.

General Motors

In the second quarter, GM delivered 696,086 vehicles, marking a 0.6% YoY increase and highest since the fourth quarter of 2020. GM reported record EV sales that grew 40% YoY to 21,930, boosted by a jump in deliveries of the Cadillac Lyriq. But, EVs still made only 3.2% of its total second-quarter sales. GM sold about 229,000 full-size pickup trucks which is a 6% YoY increase. For the first half of the year, GM’s total sales contracted 0.4% YoY to almost 1.3 million vehicles. On a less bright note,  the US Environmental Protection Agency revealed this week thatGM failed to comply with the Clean Air Act and will need to pay a penalty of $145.8 million penalty due to excess CO2 emissions over a six-year span. GM has not addmited to commiting any wrongdoing but stated the problem is the result of a change in testing procedures that the EPA put in place in 2016, showing its willingness to resolve the outstanding issues with the federal government.

Ford Motor

During the second quarter, Ford reported a slight 0.8% YoY growth as it sold 536,050 vehicles.  In June, Ford reported it sold 166,448 vehicles which means its sales contracted 6% YoY. But the bigger picture is that Ford grew its all-electric car sales. During last year’s comparable quarter, EVs made 3.5% of its total volume, and their share has now growth to 4.4%. In June, it sold 6,972 EVs which represents a YoY increase of 18%. Also in June, Ford F-150 Lightning sales grew as much as 79% YoY to 2,552 units. 

This summer, electric pickups and SUVs are also in for a treat with the release of a solar powered tonneau cover by Worksport Ltd (NASDAQ:WKSP). Worksport is scheduled to release an innovative power duo as the SOLIS tonneau cover is to be accompanied by COR, a portable battery system. With this revolutionary power duo, Worksport promises to ease range anxiety of EV drivers while providing off-grid power on the go. The Alpha release of this groundbreaking product is expected this summer and is announced to be available for major brands, including GM and Ford. 

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