The sales of Ford electric vehicles (EVs) are eating into Tesla’s market share, although Tesla remains the clear leader in the category.
Key Details
- Ford recently announced that it has developed the 150,000th Mustang Mach-E since it began producing the car nearly two years ago.
- That number is “a significant milestone as the company scales EV production to a rate of 600,000 annually by late 2023 and more than 2 million annually by 2026,” the automaker says in a news release.
- Although Ford is moving into Tesla’s market share it still has a long way to go to reach the top, considering Tesla holds 65% of the market in the U.S., according to data from S&P Global Mobility, down from 71%.
Why it’s news
Tesla is the number-one EV seller in the world and has opened the door for many automakers to develop EVs.
Since Tesla has become more popular many automakers are rushing to create the next best EV—including Ford who has set out to compete with Tesla to be the number-one EV maker.
“We plan to challenge Tesla and all comers to become the top EV maker in the world,” Ford CEO Jim Farley says. “That’s something that no one would have believed just two years ago from us.”
In the first nine months of 2022 of the more than 520,000 EV registrations in the U.S. about 340,000 were Teslas.
Ford recently announced that it has developed the 150,000th Mustang Mach-E since it began producing the car nearly two years ago and Farley states that it is a significant milestone for the company.
Next year the Mustang Mach-E will be available in 37 countries and the company plans to sell it to additional countries soon.
“Almost all of Mustang Mach-E’s growth to date is coming from customers replacing an internal combustion vehicle with electric—more than eight in 10 U.S. customers and nine in 10 European customers,” Ford says.
Although Ford is running into Tesla’s territory Tesla CEO Elon Musk replied to Ford’s news with a congratulatory tweet.
“Congratulations @jimfarley98 @Ford!” Musk tweeted to which Ford CEO Farley responded “Thanks, @elonmusk. Lots of work ahead ⚡️.”
