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.