Barrons roundtable panelists discuss why some automakers are scaling back plans to introduce electric vehicles.
Sale of traditional Ford Mustang it declined in 2024 as car buyers increasingly turned to the electric Mustang Mach-E, which outsold its traditional counterpart last year.
Ford released sales figures last week showing 44,003 traditional Ford Mustangs sold in 2024. This is a decrease compared to 48,605 the previous year, which represents a decrease of 9.5%.
In contrast, Mustang Mach-E sales are up 26.9% over last year, rising from 40,771 in 2023 to 51,745 in 2024 – a big enough gain to put the overall sales ahead of the traditional Mustang.
The rise in Mach-E sales it happened when Ford’s electric vehicle lineup set new records with 285,291 electrified vehicles sold, including hybrids and all-electric vehicles. Ford’s electric vehicle sales rose 38% in 2024 compared to the previous year, and the company said its sales outpaced rivals GM and Stellantis.
FORD RECALLS ALMOST 400,000 TRUCKS, SUVS AND OTHER VEHICLES FOR VARIOUS REASONS
Sales of Ford’s electric Mustang Mach-E surpassed sales of the traditional Mustang in 2024. (Josh Lefkowitz/Getty Images/Getty Images)
The A car manufacturer from Detroit attributes some of the increase in EV sales to Ford Power Promise, a program that includes a free home charger with standard installation at no additional cost, as well as access to a Ford EV support advisor.
Ford has announced that it is extending the free Ford Power Promise offer until March 31, 2025 to help build on growing interest in the company’s EV offerings in the new year.
AUTOMOBILE MANUFACTURERS WHO HAVE INCORRECTED EV GOALS AND PLANS IN 2024
Sales of the Mustang Mach-E are up nearly 27% while sales of the traditional Mustang are down more than 9%. (Artur Widak/NurPhoto via Getty Images/Getty Images)
The increase in sales of Ford’s electric vehicles comes as the automaker overhauled aspects of its electrification strategy in the past year to address slower-than-expected sales.
Ford announced in August that it did canceled plans for a new three-row electric SUV, and also temporarily paused production of the F-150 Lightning, extending the already planned break in December to the second half of November and the first week of January.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 9.91 | +0.03 |
+0.30% |
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Ford CEO Jim Farley said that one of the main solutions to improving electric vehicle sales is to reduce production costs – a key goal for the company given that it previously projected it would lose about $5 billion on its electric vehicles in 2024.
