Ford vs. GM: EV Race Heats Up

As of November 3, 2026, legacy automakers Ford and General Motors are vying for dominance in the evolving electric vehicle (EV) market. Both companies have reported their third-quarter 2026 financial results, highlighting their strategies and challenges in electrification.

Ford is balancing its traditional combustion engine business with its ambitious EV push through the Model e division. Despite reporting a $1.1 billion loss for Model e on $1.2 billion in revenue in Q3 2026, the company sees progress, with losses improving by 25% year-over-year. Ford is investing in a universal EV platform, aiming to launch an affordable Fathom model under $30,000 by late 2027 and targets Model e to reach break-even by 2029. The company also has significant plans for grid-scale battery storage.

General Motors, on the other hand, is capitalizing on its strong performance in profitable pickup truck and SUV markets. The company reported a robust Q3 2026, with revenue up 3% year-over-year and adjusted EBIT rising 22%. GM is actively working to reduce its EV losses, projecting a shrinkage of $1 billion to $1.5 billion for the full year. With strong sales from its Silverado and Sierra pickups and improving North American margins, GM is positioned favorably, earning a consensus 'Strong Buy' rating from analysts.

While Ford's long-term EV strategy and diversification into battery storage show promise, its EV division's profitability remains a concern. General Motors currently demonstrates stronger earnings growth, widening margins, and greater shareholder returns, giving it a perceived advantage in the current EV race.