Tesla is widely known as the largest manufacturer of electric vehicles (EVs) in America, selling 228,700 EVs through the second quarter of 2022. But it might surprise you to learn that Ford Motor Company (F 2.38%) is second. That sounds impressive until you learn that the Dearborn-based automaker sold 22,979 EVs through 2022's Q2 compared to Tesla's 259,790 units.

But Ford's number outshines General Motors' (GM 0.78%) 7,674 units, Nissan Motor Company's (OTC: NSANY) 7,622 units, Rivian Automotive's (RIVN 24.45%) 5,691 units, Polestar's (NASDAQ: PSNYW) 3,696 units, and Lucid Group's (LCID 8.58%) 942 units during the same period, according to Cox Automotive. But the Koreans are coming up fast, with Kia Motors (OTC: KIMTF) selling 17,623 units and Hyundai Motors Corporation (HYMTF -1.92%) selling 15,857 units. So far, the bulk of Ford's EV sales come from the Mustang Mach-E, accounting for 17,675 units of 22,979 vehicles. 

Ford's niche

A closer look reveals that Ford sold 3,008 E-Transit electric full-size vans, giving it a 95% market share. Given the company's dominance in various segments of the truck market, that's may not be surprising.

The E-Transit uses the Mustang Mach-E's driveline, including a 67-kilowatt hour (kWh) battery pack that delivers about 125 miles of range. Offered in three lengths and three roof heights, the E-Transit can carry 487.3 cubic feet of packages.

Ford's early entry into the electric commercial truck market is wise. A recent report by P&S Intelligence stated that U.S. electric truck market revenue is expected to reach more than $15 million annually by 2030, growing at a 54% compound annual growth rate (CAGR).

But Ford shouldn't get complacent; its lock on the market is due to the lack of competition. That's not going to last. 

Ford's rivals

Consider Rivian. Its Amazon Prime van was the first vehicle to a customer in October 2020 and was created solely for Amazon. Amazon ordered 100,000 units to replace its conventionally powered vans by 2030. Built on Rivian's modular R1 steel skateboard chassis, these electric trucks will come in three sizes and can hold up to 900 cubic feet of cargo. They share their battery pack and rear-mounted electric motor, and have a range of 120 miles to 150 miles, depending on the model. Whether these vans are offered to other customers remains to be seen. Amazon has a roughly 18% equity stake in Rivian.

Then there's General Motors, which introduced its newest brand, BrightDrop, late last year. The EV600, its first model, is being built for FedEx, which contracted for 500 units. The first batch was delivered late last year. EV600s are built on GM's new modular Ultium EV platform, also used for the GMC Hummer. The EV600 has more than 600 square feet of cargo space and 250 miles of range.

Ford's E-Transit's chief rival, the Mercedes-Benz Sprinter, gets an electrified model, the eSprinter, which is slated to debut later this year in Europe, with U.S. models sourced from the company's plant near Charleston, South Carolina. Its 120-kWh battery pack should give it twice the range of the Ford E-Transit. Expect a variety of body styles, battery options, and roof heights. Mercedes-Benz is also developing a new electric-van architecture slated to debut by mid-decade.

Stellantis, also a major player in the segment with the ProMaster, is preparing to launch an all-electric version in 2023. 

There are also start-ups vying for commercial van dominance, although their prospects remain uncertain due to their financial condition. One such start-up is privately held Bollinger Motors, which is dropping development of its all-electric B1 SUV and B2 pickup to concentrate on medium- and heavy-duty electric commercial trucks.

Only two months after telling investors there was a "serious uncertainty" it would have the money to start production later this year, Canoo (GOEV 1.50%), another EV company, secured an order from Walmart for 4,500 delivery vans. Both Bollinger and Canoo may have difficulty securing chips to build their trucks, a problem faced by far larger legacy automakers.

A potentially crowded market

Given the sheer volume of automakers aiming for a foot in the commercial electric-van segment, Ford's continued dominance can't be expected to continue. Investors should watch how much market share the automaker gives up as newer products with greater capability enter the market.

But Ford's position as the top-selling, full-size van manufacturer in North America should remain intact. In the first half of 2022, Ford sold 41,828 Transits, while Mercedes-Benz sold 26,461 Sprinters, followed by the Ram ProMaster at 25,289 units, Chevrolet Express at 21,547 units, and GMC Savanna with 9,788 units.