Ford Motor Company (NYSE: F) saw its stock slip 0.69%—a decline of $0.08—after reporting a 6.6% drop in third-quarter US sales. The automaker delivered 507,395 light-duty vehicles during the quarter, a figure that excludes heavy-duty trucks, which are counted separately. Despite the decline, Ford defended its position as the No. 3 seller in the United States, narrowly holding off a fast-charging Hyundai.

Hyundai, whose US results include its Kia and Genesis brands, posted a 5.4% sales increase to 506,200 vehicles, closing to within roughly 1,200 units of Ford. Cox Automotive had forecast that Hyundai would overtake Ford this quarter; in the end, both companies outperformed that projection. For the year to date, Ford still leads Hyundai by approximately 89,700 units—meaning the season-long battle for third place will be settled by fourth-quarter results.

Ford also pointed out that Hyundai and Kia operate as separate brands in the US, downplaying how close the Korean automaker has come. Both automakers released their quarterly tallies on October 2, 2026.

Why Sales Dropped

Part of the year-over-year decline is structural. Ford phased out the Escape and the Lincoln Corsair this year, making comparisons tougher because those models no longer contribute to sales.

The company also spent much of the past year recovering from two supplier fires that disrupted F-Series production and held back sales for months—a costly disruption for the truck business that remains the backbone of Ford's sales. Rob Kaffl, Ford's head of US sales, said those problems are now mostly resolved, and he expects a stronger fourth quarter as a result.

F-Series sales, which include the F-150, fell just 1.9% for the quarter—a far smaller decline than the company's overall numbers, helped by improving inventory. The discontinued F-150 Lightning electric pickup weighed on that figure, however, with Lightning sales falling 97.1% during the quarter.

Ford's namesake brand was down about 6% for the quarter, while Lincoln, the company's luxury arm, fell harder at 18%.

Gas Prices and EV Demand

Rising fuel costs have shaped buyer behavior this year. The national average gasoline price hit $4.43 a gallon in September, up from $3.20 a year earlier, according to AAA. Ford executives say higher prices at the pump are pushing buyers toward hybrids, with demand for hybrid powertrains—including on the F-150—picking up noticeably.

The Maverick pickup, which offers a hybrid option, was one of Ford's strongest performers, with sales jumping more than 20% to 41,970 units. Overall truck sales, including F-Series, actually rose 0.5% to 315,112 units, underscoring that trucks remain the backbone of Ford's business.

Affordability remains a sticking point for buyers across the industry. The average new-vehicle transaction price rose 1.9% to $50,089 in August, according to Cox Automotive.

EV Sales Plunge

Ford's electric vehicle results told a rougher story, and the contrast with its hybrid momentum shows how differently the two powertrain types are performing within Ford's own lineup. EV sales fell 67.5% year over year through September, including an 80% drop in the third quarter alone. Figures shared by industry watcher Sawyer Merritt on X put Ford's Q3 2026 US EV total at 6,047 units, down 80.2% year over year, with the Mustang Mach-E accounting for the bulk of volume at 5,574 units:

Ford announced today that it sold 6,047 EVs in the U.S. in Q3 2026, -80.2% YoY. Units sold: • Mach-E: 5,574 (-72% YoY) • F-150 Lightning: 289 (discontinued) • E-Transit: 184 (-57% YoY) pic.twitter.com/eRgRo4YXMD

— Sawyer Merritt (@SawyerMerritt) October 2, 2026

Part of the decline reflects a difficult comparison: EV sales spiked last year as buyers rushed to claim federal incentives of up to $7,500 before they expired under the Trump administration. Ford's year-over-year EV falloff largely reflects that expired incentive, and the company has not announced new EV promotions to offset the drop. The same fourth-quarter figures Kaffl is counting on will therefore double as a progress check on two fronts: whether the supply-driven rebound shows up in volume, and how much more ground Hyundai can make up in the race for the No. 3 spot.