Ford Stock Falls. It’s Getting Ugly for EV Sales.

Ford Mustang Mach-E vehicles are shown at a dealership in Austin, Texas, in June. (Brandon Bell/Getty Images)

Key Points

• Ford’s total vehicle sales in November decreased by 1% year over year, with F-series truck sales down 10%.
• All-electric car sales for Ford in November dropped 61% year over year and 10% from October, totaling 4,247 units.
• The elimination of the federal EV purchase tax credit, worth up to $7,500, is hurting electric-vehicle sales.

The loss of federal support for electric vehicles is hurting sales.

Ford Motor stock dropped early Tuesday after the company reported its November results. Ford sold just under 165,000 vehicles of all types to Americans, down 1% year over year. Sales of F-series trucks dropped 10%, but that wasn’t a big surprise. Ford faces known challenges from a fire at an aluminum supplier.

The company sold 4,247 all-electric cars in November, down 61% year over year, and down 10% from October’s 4,709 units. October sales were down 60% from September, the last month buyers could qualify for the federal EV purchase tax credit, worth up to $7,500. That benefit was eliminated in President Donald Trump’s tax and spending bill, signed into law on July 4.

Ford stock fell 1.5% to $12.96 on Tuesday, while the S&P 500 and Dow Jones I ndustrial Average gained 0.3% and 0.4%, respectively.

Coming into Tuesday trading, Ford stock was up 33% year to date. It has taken off as fear has faded among investors that tariffs would destroy both demand for cars and profit margins.

Through November, Ford sold about two million cars to Americans, up 6% year over year. Analysts project a 2025 operating profit of $6.4 billion, down from $10.2 billion reported in 2024.

Ford’s monthly results might matter more for other EV makers. The numbers show that selling EVs without the federal subsidy is tough. All-electric cars accounted for less than 3% of Ford’s November sales, down from 6.5% a year ago.

Still, investors are aware of that challenge. Rivian stock rose 0.4% on Tuesday. Tesla stock dropped 0.2%.

Write to Al Root at allen.root@dowjones.com