Barron's Roundtable panelists discuss why some automakers are pushing back on plans for electric vehicle rollouts.
Traditional sales Ford Mustang Declines in 2024 as automakers increasingly turn to the electric Mustang Mach-E, which topped its traditional counterpart last year.
Ford released sales data last week showing 44,003 traditional Ford Mustangs sold in 2024. This was down from 48,605 the previous year, a decrease of 9.5%.
By contrast, sales of the Mustang Mach-E are up 26.9% from a year ago, from 40,771 in 2023 to 51,745 in 2024 — a big enough gain to keep sales ahead of the traditional Mustang.
Rise in Mach-E Sales Ford's EV offerings set new records with sales of 285,291 electric vehicles, including hybrids and fully electric vehicles. Ford's EV sales in 2024 are expected to rise 38% from the previous year, and the company says its sales will top rivals GM and Stellar.
FORD recalled nearly 400,000 trucks, SUVs and other vehicles for various reasons
Sales of Ford's electric Mustang Mach-E are set to surpass sales of the traditional Mustang in 2024. (Josh Lefkowitz/Getty Images/Getty Images)
D Detroit automaker Ford has attributed some of the increase in EV sales to Power Promise, a program that includes a complimentary home charger with standard installation at no additional charge, as well as access to a Ford advisor for EV support.
Ford announced that 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 that have pushed back EV goals and plans to 2024
Mustang Mach-E sales are up nearly 27% as traditional Mustang sales are down more than 9%. (Artur Widak/NurPhoto via Getty Images/Getty Images)
The automaker has revised aspects of its electrification strategy over the past year to deal with slower-than-expected sales, as sales of Ford's EVs surged.
Ford announced in August that it was Canceled plans for a new electric three-row SUV, and it has temporarily halted production of the F-150 Lightning, extending an already scheduled break in December to include the second half of November and the first week of January.
| vaccine | safety | the end | change | change % |
|---|---|---|---|---|
| f | Ford Motor Co. | 9.91 | +0.03 |
+0.30% |
Get Fox Business on the go by clicking here
Ford CEO Jim Farley said one of the key solutions to improving EV sales is to lower production costs — a key goal for the company given that it previously estimated it would lose about $5 billion on its EVs in 2024.