Barrons Roundtable panelists discuss why some automakers are scaling back electric vehicle rollout plans.
Sales of the conventional Ford Mustang will decline in 2024 as car buyers increasingly turn to the electric Mustang Mach-E, which outperformed its conventional counterpart last year.
Ford released sales data last week that showed 44,003 conventional Ford Mustangs were sold in 2024. That’s down from 48,605 the previous year, representing a 9.5% decline.
By contrast, Mustang Mach-E sales were up 26.9% over last year, rising from 40,771 in 2023 to 51,745 in 2024 — a gain large enough to put total sales ahead of the traditional Mustang.
The surge in Mach-E sales occurred when Ford’s electric vehicle offerings set new records with 285,291 electric 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 outperformed rivals General Motors and Stellantis.
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The electric Ford Mustang Mach-E will outsell the conventional Mustang in 2024. (Josh Lefkowitz/Getty Images/Getty Images)
The Detroit automaker attributed some of the rise in electric vehicle sales to the Ford Power Promise, a program that includes a free home charger with standard installation at no additional charge, as well as access to a Ford electric vehicle support advisor.
Ford announced it is extending its free Ford Power Promise through March 31, 2025, to help build on growing interest in the company’s electric vehicle offerings in the new year.
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Mustang Mach-E sales were up nearly 27% while conventional Mustang sales were down more than 9%. (Artur Fedak/Noor Photo via Getty Images/Getty Images)
The increase in sales of Ford electric vehicles comes as the automaker reviewed aspects of its electrification strategy last year to address slower-than-expected sales.
Ford announced in August that it had canceled its plans to produce a new three-row electric SUV, and also temporarily halted production of the F-150 Lightning by extending the hiatus already scheduled in December to include the second half of November and the first week of 2019. January.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| F | Ford Motor Company | 9.91 | +0.03 |
+0.30% |
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Ford CEO Jim Farley said one of the key 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.
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