Barrons Roundtable panelists discuss why some automakers are scaling back electric vehicle rollout plans.
Traditional sales Ford Mustang It drops in 2024 as car buyers increasingly turn 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. 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.
Height in Mach-E sales This came as Ford’s electric vehicle offering set new records with 285,291 electric vehicles sold, including hybrids and fully 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.
Ford is recalling nearly 400,000 trucks, SUVs and other vehicles for various reasons
The electric Ford Mustang Mach-E will outsell the conventional Mustang in 2024. (Josh Lefkowitz/Getty Images/Getty Images)
the Detroit Automotive Industry The company attributed some of the increase 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.
Automakers who backed away from electric vehicle goals and plans in 2024
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 done so Canceled plans For a new three-row electric SUV, it also temporarily halted production of the F-150 Lightning by extending the downtime already scheduled in December to include the second half of November and the first week of January.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| F | Ford Motor Company | 9.92 | +0.04 |
+0.35% |
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Ford CEO Jim Farley He 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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