The Mustang Mach-E, which is one of Ford’s flagship EVs, has an odd brand origin. It is an EV crossover, named after an iconic gas powered sports car which was launched in 1964. Sales blew through Ford’s (NYSE: F) expectation; Over 400,000 Mustangs were sold that first year. The gas powered Mustang is back. It outsold the Mach-E in the second quarter.
According to Carscoops, Ford sold 10,178 Mach-Es between April and June. That is down 19.5% from the same period last year. Gas powered Mustang sales were 14,175, up 3.2% based on the same yardstick.
Obviously, Mustang sales are not what they were. However, Mach-E sales are not what they are supposed to be. In 2021, Ford said it would invest $30 billion in EV development. In 2022, Ford said its annual production run rate for EVs would be 600,000. The company has never come close. Total EV sales in the second quarter were 16,428 down 31.4%. Sales of Ford’s other EV flagship, the F-150 Lightning, were 5,842 for the second quarter, down 26.1%.
The Mustang news is yet another demonstration about Ford’s dismal EV sales. Ford’s US EV market share was just over 7% in February. Despite all its trouble’s Tesla’s was 45.2%. Ford has a long way to go before it can challenge Tesla. If Tesla can turn around sales, or even stop the fall off, Ford may not catch it at all.
Mustang is an ancient brand, Ford celebrates its 60th anniversary on April 17. Ford’s announcement said It’s synonymous with fun, freedom, performance and a touch of rebellion – and fans around the world are today celebrating as the iconic Ford Mustang turns 60.” The Mach-E may never see its 60th birthday.
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