Ford $F ( ▲ 1.09% ) is sliding after reporting another steep drop in EV sales. The company delivered 4,247 electric vehicles in November, which is more than 60 percent lower than a year ago and about 10 percent below October’s total. Shares are down roughly 2 percent in early trading.
The sharp decline follows the expiration of the 7,500 dollar EV tax credit at the end of September. Ford is also dealing with production setbacks tied to aluminum fires at the New York plant of its main supplier, adding more pressure to output.
Overall November sales edged down 0.9 percent to 164,925 vehicles, which is about 10,000 fewer than October.