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- Ford Motor Co. (NYSE: F) had high hopes for electric vehicle (EV) sales.
- But it has had a hard time pushing its Mustang Mach-E to an uninterested public.
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Ford Motor Co.’s (NYSE: F) anticipated electric vehicle (EV) success was to be built by electric versions of its two most iconic products. The first of these was the F-150 Lightning, an electric version of the bestselling vehicle in the United States for over four decades. And the second was a crossover version of its sports car Mustang brand, which is six decades old. This Mach-E’s sales strength was to be built on the sports car Mustang’s brand and reputation. However, the new Mustang Mach-E was not a sports car at all.
Ford backed the success of these vehicles on the plan for a $30 billion investment in EVs. Ford has walked away from some of that and turned toward more popular hybrids and its legacy gasoline-powered vehicles. It should come as no surprise. Based on its quarterly numbers, Ford lost over $100,000 on every EV it sold this year.
Ford released its U.S. sales figures for August. Total vehicle sales were 183,985. Hybrid sales were 16,394, and EV sales were 8,944. Hybrid sales grew faster year over year, at 49.8%, compared to EV sales, which were up 28.9% over the same period. EV sales in August were only 4.9% of Ford’s monthly overall total.
While sales of the Mach-E rose very slightly, they were to a tiny number of 5,431. That is 181 a day nationwide.
Ford is trying to pump Mach-E sales. To do so, it offers 0% APR financing over 72 months for its GT version. Most new car loans carry a rate of over 5%. The interest rate won’t matter. Ford cannot get Mach-Es off of dealer lots.
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