Ford Motor Co (NYSE:F) said on Wednesday it sold more Mustang Mach-Es in the U.S. in January than the previous month but volumes were significantly below the iconic gas-powered Mustang.
What Happened: The Dearborn, Michigan-based automaker said it sold 2,370 Mach-Es in January, a jump of about 1% month-on-month and a near ten-fold rise on a year-on-year basis.
Mustang Mach-E is Ford’s first all-electric crossover named after the iconic Mustang.
Ford began selling the Mach-E, the only electric car it has currently on sale, in December 2020. At the time, the automaker sold just three units of the Mach-E.
In contrast, the legacy automaker sold 5,671 gas-powered Mustangs in January, a jump of 24.2% sequentially and 31% over the same period last month.
Production Ramp Up: Ford ramped up production of Mach-Es in January, up 12% month-on-month to 6,054 units. The company had produced 4,250 Mach-Es in January 2021.
See Also: Ford Sold Half As Many Mustang Mach-E EVs As The Gas Variant In 2021 — The First Year Of Launch
The automaker made 3,960 gas-powered Mustangs in January, a decline of 13% over last month. On a year-on-year basis production was down 41% for the iconic Mustangs.
In 2021, Ford sold 27,140 Mach-Es or half as many as the 52,414 Mustangs. In terms of production, Mach-E and Mustang 2021 volumes were nearly neck-to-neck at 63,683 for the battery-powered variant and 65,590 for the gas-powered variant.
Why It Matters: Mustang Mach-E is the first among a host of electric vehicles launched by Ford, with more lined up for this year.
See Also: Ford Mustang Mach-E EV Outsold The Gas-Powered Variant By 6x In Europe Last Year
Ford currently makes the Mach-E for the U.S. and the European market at a plant in Mexico. The automaker also recently started delivering the locally made Mach-Es in China.
The legacy automaker is expected to begin commercial production of F-150 Lightning — the electric version of its best-selling truck in spring this year.
Ford recently said it would triple production of Mustang Mach-Es to 200,000 units by 2023. The automaker is also planning to nearly double the production capacity of the all-electric F-150 Lightning pickup to 150,000 vehicles per year by mid-2023.
Price Action: Ford shares closed 0.15% lower at $2.063 a share on Wednesday.
Photo: Courtesy of Ford
