Ford unveils a surprisingly large electric car in November
Jim Farley made no secret of his desire to win.
Ford (F) – Get a free report The CEO has made it clear that he wants his company to be the best in the electric vehicle segment.
In April, he threw the challenge to Tesla (TSLA) – Get a free reportthe world’s largest electric vehicle company, and “all coming to become the world’s best electric vehicle maker.”
“This is something none of us would have believed just two years ago,” Farley said.
The company announced on November 30 that it had built 150,000 Mustang Mach-Es since starting production nearly two years ago despite supply chain challenges and rising raw material prices.
The achievement even impressed Tesla (TSLA) – Get a free report CEO Elon Musk who chirp For his congratulations to Farley & Company.
“Thanks, @tweetFarley answered. “There is a lot of work ahead.”
Ford said on December 1 that it plans to invest another $153 million in its UK plant to boost electric vehicle production.
Ford sold a total of 6,255 vehicles in November, up nearly 103% year-over-year, and “making Ford America’s best-selling electric vehicle brand and manufacturer after Tesla.”
Total F-150 Lightning sales totaled 2,062 Since it was first sold at the end of May, F-150 Lightning truck sales have totaled 13,258.
“Ford’s electric vehicle sales expanded at nearly twice the rate of the overall electric vehicle segment in November, as Ford prepares to ramp up production next year to meet U.S. demand,” Ford said in a statement.
Ford beat out Hyundai-Kia to earn second place in the EV category, but it wasn’t all good news, as the company reported a 7.8% drop in total US sales for the month. Retail sales fell 15.8%.
“Tesla’s position is changing”
Truck sales were down 1.2% and SUV sales were down 15% from a year ago.
There is still a lot of work to be done in the electric vehicle sector. Tesla reported global deliveries of more than 908,000 electric vehicles during the third quarter.
But Tesla, which delivered its first long-promised electric semi-trucks on December 1, can’t rest on its laurels, according to the S&P Global Mobility Study.
Much of Tesla’s share loss is due to EVs available in the more accessible manufacturer’s suggested retail price (MSRP) range — below $50,000, the study said, where Tesla doesn’t really compete.
“Tesla’s situation is changing with the arrival of new, more affordable options, offering technology and build performance equal or better,” the report stated. “Given that consumer choice and consumer interest in electric vehicles is increasing, Tesla’s ability to maintain a dominant market share will be challenged in the future.”
The study predicted that the number of electric battery nameplates would rise from 48 currently to 159 by the end of 2025, “at a faster rate than Tesla will be able to add factories.”
Tesla currently has a 65% share of the electric vehicle market, with Ford in second place with 7% market share, followed by Kia at 5% and Chevrolet and Hyundai in fourth place at 4% each, according to data from S&P Global Mobility. The remaining 15% share is divided among all other electric vehicle makers.
Tesla is developing a low-cost EV
During a recent earnings call, Musk confirmed again that the company is working on a car that’s even priced lower than the Model 3, “although the timing of the market launch is unclear.”
“Tesla’s model lineup is expected to grow to include the Cybertruck in 2023 and eventually the Roadster, but Tesla’s model lineup in 2025 will be largely the same as the models it offers today,” the report said.
“Before you feel too bad for Tesla, remember that the brand will continue to see unit sales growth, even as shares drop,” said Stephanie Brinley, associate director, AutoIntelligence at S&P Global Mobility.
“The electric car market in 2022 is one for Tesla, and it will remain so, as long as its competitors are obligated to produce capacity,” Brinley said.
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