Barron's Roundtable panelists discuss why some automakers are scaling back their electric vehicle rollout plans.
Sales of the traditional Ford Mustang declined in 2024 as car buyers increasingly focused on the electric Mustang Mach-E, but the electric Mustang Mach-E outsold the conventional model last year.
Last week, Ford released sales data showing 44,003 traditional Ford Mustangs sold in 2024. This was down from the previous year's 48,605 units, a decrease of 9.5%.
In contrast, Mustang Mach-E sales increased 26.9% year over year, from 40,771 units in 2023 to 51,745 units in 2024. This is a significant increase, enough for total sales to surpass that of the previous Mustang.
The Mach-E sales increase comes as Ford's EV products set a new record with 285,291 electric vehicles sold, including hybrids and fully electric vehicles. Ford's EV sales will increase 38% in 2024 from the previous year, and the company announced that its sales outpaced those of competitors GM and Stellantis.
Ford recalls nearly 400,000 trucks, SUVs and other vehicles for various reasons
Sales of Ford's electric vehicle Mustang Mach-E will exceed sales of the conventional Mustang in 2024. (Josh Lefkowitz/Getty Images/Getty Images)
The Detroit automaker credits some of the increase in EV sales to the Ford Power Promise. The program includes a free home charger installed as standard at no additional charge and access to Ford Advisors for EV support.
To further build on the growing interest in the company's EV products as the new year approaches, Ford announced that it is extending the free Ford Power Promise offer through March 31, 2025.
Automakers postponed 2024 EV goals and plans
While sales of the previous Mustang declined more than 9%, sales of the Mustang Mach-E increased nearly 27%. (Artur Widak/NurPhoto via Getty Images / Getty Images)
Ford's EV sales increase comes as the automaker revised aspects of its electrification strategy last year to deal with weaker-than-expected sales.
Ford announced in August that it was canceling plans for a new electric three-row SUV, extending the previously scheduled December production hiatus to late November and the first week of 2019, and expanding the F-150 Lightning's production hiatus to late November and the first week of 2019. It was also announced that production would be temporarily suspended. January.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| F | ford motor corporation | 9.91 | +0.03 |
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Ford CEO Jim Farley said one of the main solutions to improving EV sales is to lower production costs. This is an important goal for the company, considering it previously predicted it would lose about $5 billion in EVs in 2024.
