GM, Ford to see US market-share slide, forecaster predicts

General Motors and Ford Motor have witnessed the steepest declines in market share among major American automakers this year, as buyers prioritize fuel efficiency in response to soaring gas prices, according to a forecast from Cox Automotive. Ford's sales are projected to plummet 8.8% through the first three quarters of the year, reducing its market share to nearly 12.5%, a full percentage point lower than last year.

General Motors' US vehicle sales pace, too, is lagging behind, expected to decline 6.2% year-to-date, bringing its market share down to 16.7% by the end of September, from 17.4% a year ago. Analysts attribute these setbacks to both companies' relative absence of fuel-efficient cars and SUVs compared to their rivals. Ford's sales took a hit after it discontinued its popular and fuel-efficient Escape compact SUV, while GM lost some customers to other brands due to lack of hybrid models.

However, the overall share of the three traditional Detroit carmakers - Ford, GM, and Stellantis - is projected to hit an all-time low of around 36%, according to Cox. Analysts point out that automakers offering multiple hybrid models, which combine gas engines with electric motors and batteries to save fuel, have fared better amid higher gas prices resulting from the Iran war.

Hyundai and Kia's combined sales are expected to surpass Ford's in the third quarter, marking the first time the South Korean automakers outsold Ford in any quarter. Toyota, the industry leader in hybrid sales, is anticipated to see a 1.1% sales gain through the third quarter.