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Notably, the Mustang Mach-E is similar to Tesla Model Y SUV. Both EVs by Ford and Tesla are alike in pricing, performance, and range.
Ford Motor Company (NYSE: F) recorded a 3% increase in its shares as the company’s Mustang Mach-E arrives in showrooms. The Mustang Mach-E is Ford’s first all-electric vehicle under an investment plan worth $11 billion in electrification through 2022.
A CNBC report said that the global director of battery electric vehicles at Ford, Darren Palmer, commented on the new EV at a press briefing. Stating that the company has never had anything like the Mustang Mach-E, Palmer added that the EV aims to be a “tech-forward car.”
New Ford Mustang Mach-E Arrives at Showrooms
Also, the report noted another comment by the principal automotive analyst at American-British information provider IHS Markit, Stephanie Brinley:
“This is Ford’s statement on EVs on where they are today and sets the tone of where they can go tomorrow. This isn’t their ultimate EV development because there’s more coming, but where they put their foot down to begin with is important in setting them up for the future.”
Ford is currently at premarket trading of $9.20. This is an increase of 0.55% over its previous close of $9.15. Also, Ford’s shares jumped 30.34% in the last three months and added nearly 4% over the last month. However, the vehicle maker has also been recording losses in its shares. The company has lost 4.09% in the last year. F has also dropped 1.61% since the year began and 3.17% over the last five days.
Like Tesla Inc (NASDAQ: TSLA), CNBC said that Ford aims to attract some buzz with its new electric vehicle. Ford unveiled its Mustang Mach-E in November 2019. The company also noted that it would be the first vehicle based on the $11 billion plan to create 40 new EVs and hybrid models through 2022.
Mustang Mach-E’s Designs Similar to Tesla’s Model Y
Notably, the Mustang Mach-E is similar to Tesla Model Y SUV. Both EVs by Ford and Tesla are alike in pricing, performance, and range. At the time of the unveiling, Ford’s CEO Jim Hackett said that the company’s new all-electric vehicle would compete with Tesla’s autopilot with its hands-free driver-assist system.
In the CNBC report, Palmer said the Mach-E also has an attribute like the iPhone with its infotainment system. Also, digital driver profiles are available on the new EV by Ford. Palmer said that the vehicle owners could have profiles for each family member, like Netflix Inc (NASDAQ: NFLX).
Furthermore, Palmer said that its target market is not Tesla customers, but it is not an issue if Tesla users find the Mustang Mach-E attractive. The global product development director for battery electric vehicle for Ford further noted:
“The typical buyer is the 99% of the people who don’t buy EVs today. Our job at Ford, what we do, is bring cars to the majority. And so this one is to bring people into electric cars and show them what they can do.”
However, a review on the Mustang Mach-E published by TechCrunch revealed that Mustang should not be referred to as an SUV.