Barrons panelists discuss why some automakers are scaling back plans to launch electric vehicles.
Traditional sales Ford Mustang It dropped in 2024 as car buyers increasingly turned to the electric Mustang Mach-E, which topped its traditional counterpart last year.
Ford released sales data last week that showed 44,003 traditional Ford Mustangs sold in 2024. This figure has decreased compared to 48,605 devices in the previous year, which has decreased by 9.5%.
By contrast, Mustang Mach-E sales are up 26.9 percent year-over-year, from 40,771 in 2023 to 51,745 in 2024 — enough to push overall sales ahead of the traditional Mustang.
increase in Selling Mach-E This came as Ford's electric vehicle offerings set new records with sales of 285,291 electric vehicles, including hybrids and all-electric vehicles. Ford's electric vehicle sales in 2024 are expected to increase by 38 percent year-over-year, and the company has announced that its sales will outstrip rivals General Motors and Stellantis.
Ford is recalling nearly 400,000 trucks, SUVs and other vehicles for various reasons.
Sales of Ford's electric Mustang will surpass sales of the traditional Mustang in 2024. (Josh Lefkowitz/Getty Images/Getty Images)
particle for direct object Detroit automaker It attributed some of the increase in EV sales to Ford's Power Promise, a program that includes a free home charger with standard installation at no additional cost, as well as access to a Ford consultant for EV support.
Ford has announced that it is extending the free Ford Power Promise offer until March 31, 2025, to help boost interest in the company's electric vehicle offerings in the new year.
Automakers who pushed back their goals and plans in 2024
Mustang Mach-E sales rose nearly 27 percent as sales of the traditional Mustang fell more than 9 percent. (Artur Widak/NurPhoto via Getty Images/Getty Images)
Ford's surge in electric vehicle 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 three-row electric SUV, and also temporarily halted production of the F-150 Lightning, extending a planned December shutdown to the second half of November and the first week of January.
| ticker | security | the last | change | change % |
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| F | Ford Motor Company | 9.91 | +0.03 |
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Ford CEO Jim Farley It has said that one of the main solutions to improve electric car sales is to reduce production costs – a key goal for the company given that it previously predicted it would lose about $5 billion on its electric cars by 2024.