Barron’s Roundtable panelists discuss why some automakers are scaling back plans for electric vehicle rollouts.
sale of traditional Ford Mustang The decline came in 2024 as car buyers increasingly turned to the electric Mustang Mach-E, which topped its conventional counterpart last year.
Ford released sales data last week that showed 44,003 conventional Ford Mustangs were sold in 2024. This was down from 48,605 the previous year, a decrease of 9.5%.
In contrast, Mustang Mach-E sales rose 26.9% from a year earlier, from 40,771 in 2023 to 51,745 in 2024 – a gain big enough to put total sales ahead of the conventional Mustang.
Increase in Mach-E sales This came as Ford’s EV offerings set new records with sales of 285,291 electrified vehicles, including hybrid and fully electric vehicles. Ford’s EV sales in 2024 were up 38% from last year and the company said its sales remained ahead of rivals GM and Stellantis.
Ford recalls nearly 400,000 trucks, SUVs and other vehicles for various reasons
Sales of Ford’s electric Mustang Mach-E exceed sales of conventional Mustangs in 2024. (Josh Lefkowitz/Getty Images/Getty Images)
detroit automaker Some of the increase in EV sales was attributed to the Ford Power Promise, a program that includes a complimentary home charger with standard installation at no extra charge, as well as access to Ford consultants for EV support.
Ford announced it is extending the Ford Power Promise complimentary offer through March 31, 2025, to help drive growing interest in the company’s EV offerings in the new year.
Automakers who pushed back EV goals and plans to 2024
Mustang Mach-E sales increased nearly 27%, while conventional Mustang sales declined more than 9%. (Artur Vidak/Nurfoto via Getty Images/Getty Images)
Ford’s surge in EV sales comes as the automaker revised aspects of its electrification strategy last year to address slower-than-expected sales.
Ford announced in August that it had canceled plans for a new electric three-row SUV, and it temporarily halted production of the F-150 Lightning, extending an already scheduled pause in December to include the second half of November and the first week of January.
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | Ford Motor Company | 9.91 | +0.03 |
+0.30% |
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Ford CEO Jim Farley has said that one of the main solutions to improving EV sales is to reduce production costs – a major goal for the company given that it previously estimated it would lose about $5 billion on its EVs in 2024 .
