CNBC's Phil LeBeau joins 'Squawk on the Street' with Ford's latest earnings report.

Ford reported an 8.2% increase in total vehicle sales for the third quarter, aligning with analyst expectations. The company's electric vehicle (EV) sales grew by 30.2%, while hybrid vehicle sales increased by 14.7% and internal combustion engine vehicles rose by 6.3%.

The strong performance in hybrids is attributed to sustained consumer demand, with hybrids now making up about 14-15% of the market. Industry trends suggest that automakers, including Ford and Toyota, are increasing their focus on hybrid and electric models to meet evolving customer preferences.

Ford Q3 EV sales up 30.2%

We got those Ford auto sales numbers, let's get straight to Phil Lebeau. Hi, Phil. Strong third quarter for Ford, the total sales were up 8.2%. That's roughly in line with analyst expectations for the quarter. And here's the breakdown of ICE versus hybrid versus EVs. Internal combustion engine vehicles up 6.3%, hybrids up 14.7%, and we knew it would be a big quarter in terms of EV sales, up 30.2%. So again, Ford overall up 8.2%. Jim, I heard what you were saying about Jim Farley's pivot and the push towards hybrids. That has been a strength for Ford for some time. They're going to try to leverage that as much as possible because hybrid demand remains. EV sales, not just at Ford, but at other automakers, it's going to slow down dramatically. Hybrids remain red hot in terms of what the consumer is looking for. Phil, it is pretty incredible. I think that we're probably looking like that's going to be the nation over the next couple of years. Is that possible? Because the love for hybrid is pretty incredible. Yeah, it's about 14% of the market right now, 14, 15%. Many believe that'll grow above 20% over the next couple of years. It's a matter of how many are manufactured at this point. But you're starting to see it really pivot in the direction of hybrids. A good example, Toyota. The RAV4 is no longer built anything other than a hybrid, plug-in hybrid, or you can get an EV version in the future. That's it. You can't just buy a straight internal combustion engine version of a new Toyota RAV4, which I think is the third or fourth best-selling vehicle in this country. You're going to see more automakers really start to make that type of pivot over the next couple of years because that's what the consumer wants. That's generally how it works, Phil. We still await another big piece of the puzzle in Tesla deliveries later this week. Opening bell, just a few moments away.

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