Ford Motor lost its lead in electric vehicle sales to General Motors during the third quarter as its EV growth slowed. Ford reported a nearly 12% rise in EV sales compared to GM's 60% rise in the same period.

GM this week reported a 2% drop in third-quarter U.S. sales to 659,601 deliveries. Toyota Motor Corp. reported a 0.8% decline in third-quarter sales with 542,872 deliveries. Stellantis NV's sales fell by 20% to 305,294 vehicles.

GM sold almost 21,000 all-electric vehicles in the U.S. during the months of July and August, giving it a significant boost in the EV sales race.

Shares of Ford Motor Co. lost 1% in morning trading after the automaker said third-quarter U.S. vehicles sales were up 1% from a year ago, including a 12% increase in sales of electric vehicles. The results followed those by rival General Motors Co.

Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker’s EV growth slowed.

Ford on Wednesday became the latest U.S. automaker to report weaker growth in domestic new vehicle sales in the third quarter, as buyers continued to shy away from purchases on affordability concerns.

Ford Motor Company (NYSE:F) shares are trading lower on Wednesday. Ford Motor reported a 4% increase in U.S. retail sales for the third quarter, with overall sales up nearly 1%, in contrast to a 2% decline for the total industry.