[ad_1]
Ford Chair Bill Ford and President and CEO Jim Farley speak in front of the newly revealed Mustang Dark Horse at The Stampede in downtown Detroit in September. 14, 2022.
Ford
DETROIT – Ford Motor CEO Jim Farley was in his element Wednesday night, surrounded by gearheads and the automaker’s new 2024 Mustang models, including a surprise new high-performance version called the “Dark Horse.”
There was no talk of electric cars or sustainability during the unveiling for the Detroit auto show. Engines revved and tires screeched, to the applause of the hundreds of Mustang owners in attendance.
related investment news

The scene opened in stark contrast to other recent events for Farley and Ford, who have expressed electrification and green goals. That’s because despite the EV transition, Mustang is sticking with gas-powered engines for the seventh-generation vehicle in 2024.
That may come as a surprise, given Ford’s plans to invest $50 billion in new electric vehicles in the coming years, as well as anticipated plans for the Dodge Challenger and Chevrolet Camaro — its biggest rivals. Mustang — to be electric.
So why is Ford sticking with gas engines for the new car? Farley said, essentially, because it can … and because it makes good business sense for the foreseeable future.
A survivor?
The Ford Mustang may be in a segment by itself for years to come, forcing those still thirsty for an American coupe muscle car to go to the brand. This includes non-US customers, who represent about 20% of Mustang sales.
“People are leaving the segment, like Dodge, so we have an opportunity to really show something new about the Mustang,” Farley said following the 2024 Mustang debut. “This will give us a big advantage because many people still love this type of car.”
2024 Ford Mustang Dark Horse
Source: Ford
Although the American muscle car segment has shrunk from what it used to be, there is still demand for the vehicles, which can also attract attention and new customers for their respective brands.
As Ford invests in EVs, Farley said the automaker will continue to invest in its traditional business. It’s part of the CEO’s new plan to boost sales in its traditional businesses, EVs and commercial vehicles.
Farley and Ford Chair Bill Ford declined to say whether the seventh-generation Mustang is expected to be the last gas-powered version of the car.
“If people don’t like it, it will disappear, but I personally believe people are going to like this car for quite a long time,” Ford said, adding “that day is come with tears in my eyes.”
Mach-E
Farley said a big reason Ford is continuing with gas-powered Mustangs is, ironically, the success of the Mustang Mach-E, an all-electric crossover that first went on sale in late 2020 and actually outsold the gas-powered version for some time. month.
The Mach-E, which shares little with the gas-powered Mustang except in name, has led Ford to become the second best-selling brand of EVs in the country.
That EV success gave the automaker more flexibility to continue with gas-powered models, compared to rival automakers that had to chase electric vehicle sales and regulatory emission credits awarded. for them.
Car makers are required to have a certain amount of regulatory credits each year. If a company can’t meet the target, it can buy credits from other companies, such as Tesla, that have excess credits.
“The Mustang Mach-E, in a way, was created, it allowed this car to happen,” Farley said. “Competitors are buying credits for emissions, and they can’t produce this type of vehicle.”
US President Joe Biden stands next to a Ford Mustang Mach-E (electric) SUV while visiting the Detroit Auto Show, to highlight electric vehicle manufacturing in America, in Detroit, Michigan, September 14, 2022.
Kevin Lamarque | Reuters
Dodge says such emissions regulations are among the reasons it is ending production of its gas-powered Charger and Challenger at the end of next year. Chevrolet is expected to end production of the gas-powered Chevy Camaro in the coming years as part of the General Motors’ plans to exclusively offer EVs by 2035.
A spokesperson for Dodge, a division of Stelantissaid in announcing the electric muscle cars, the company is “celebrating the end of an era – and the beginning of a bright new electrified future.”
A spokesperson for Chevrolet said the company did not comment on future production, but added, “Camaro continues to play an important role in Chevrolet’s performance car lineup and remains a high-demand vehicle that our customers.”
Ford’s biggest crosstown rival, GM, which is in the process of shedding its gas-powered products, aims to better compete against Teslathe head of EV sales.
Meanwhile, Farley said he wants to grow its traditional business with “opiniated products” that draw debate and attention like the 2024 Mustang, including the new “Dark Horse” variant.
“I had a shirt at the dealer show that said ‘Ford vs. Everyone.’ That’s kind of our attitude,” Farley said. “We want to be a dark horse. We are a dark horse against Tesla in the EV business. We want to bring a new game.”

[ad_2]
Source link