[ad_1]
Jim Farley has made no secret of his desire to win.
The Ford (F) – Get a Free Report The CEO made it clear that he wants his company to be the top gun in the electric vehicle sector.
In April, he threw down the gauntlet to Tesla (TSLA) – Get a Free Reportthe world’s largest EV company, and “all come to be the world’s leading EV manufacturer.”
“That’s something no one would have believed just two years ago from us,” said Farley;
The company announced on Nov. 30 it built the 150,000th Mustang Mach-E since production began nearly two years ago despite supply chain challenges and rising raw material prices.
The success even impressed Tesla (TSLA) – Get a Free Report It’s CEO Elon Musk tweeted in his greetings to Farley and company.
“Thank you, @elonmusk“Farley respond. “There’s a lot of work ahead.”
And Ford said on December 1 that it planned to invest another $153 million in its UK manufacturing plant to boost EV production.
Ford sold a total of 6,255 vehicles in November, up nearly 103% from a year earlier, and “making Ford America’s second best-selling brand and manufacturer of electric vehicles behind Tesla.”
Sales of the F-150 Lightning reached 2,062 and since its first sale at the end of May, sales of the F-150 Lightning have reached 13,258 trucks.
“Ford’s sales of electric vehicles expanded at about twice the rate of the overall electric vehicle segment in November as Ford prepares to ramp up production next year to meet US demand,” Ford said in a statement.
Ford beat out Hyundai-Kia to take the No. 2 EV position, but it’s not all good news, as the company posted a 7.8% decline in total US sales for the month. Retail sales fell 15.8%.
Ford
‘Tesla’s Position Is Changing’
Truck sales were down 1.2% and SUV sales were down 15% from a year ago.
And there is still much to be done in the EV sector. Tesla reported global deliveries of more than 908,000 EVs in the third quarter.
But Tesla, which delivered the first of its long-promised electric semi trucks on Dec. 1, can’t rest on its laurels, according to the S&P Global Mobility Study.
The study says that most of Tesla’s share loss will be in EVs available at a more accessible Manufacturer Suggested Retail Price (MSRP) range – below $50,000, where Tesla has not yet really compete.
“Tesla’s position is changing as new, more affordable options come along, offering equal or better technology and production capabilities,” the report said. “As consumer choice and consumer interest in EVs grows, Tesla’s ability to maintain a dominant market share will be challenged in the future.”
The study predicted the number of battery-electric nameplates will grow from 48 currently to 159 by the end of 2025, “at a rate faster than Tesla can add factories.”
Tesla currently holds a 65% share of the EV market, with Ford in second place with 7% market share, Kia next with 5% and Chevrolet and Hyundai tied for fourth with 4% each, according to S&P Global Mobility data. The remaining 15% share is divided among all other EV makers.
Tesla Developing Lower-Cost EVs
In a recent earnings call, Musk reaffirmed that the company is working on a vehicle that will be priced lower than the Model 3, “although the timing of the market launch is unclear.”
“Tesla’s model range is expected to grow to include the Cybertruck in 2023 and eventually a Roadster, but largely Tesla’s model lineup in 2025 will be the same models it offers today,” the report said.
“However, before you feel too bad for Tesla, remember that the brand will continue to see unit sales growth, even as share declines,” said Stephanie Brinley, associate director, AutoIntelligence for S&P Global Mobility.
“The EV market in 2022 is a Tesla market, and it will continue to be, as long as its competitors are dependent on production capacity,” Brinley said.
[ad_2]
Source link
