Ford's Mustang Mach-E sales declined significantly, with only 10,178 units sold in Q2, down 19.5% year-over-year. In contrast, the gas-powered Mustang saw improved sales with 14,175 units sold, an increase of 3.2%. Ford's broader EV strategy appears faltering as total EV sales dropped 31.4%. Despite plans to mass-produce EVs, achieving a production rate of 600,000 has not been realized. Compared to Tesla's dominant market share of 45.2%, Ford's 7% market share indicates the challenges ahead for the company in the competitive EV market.
In 2021, Ford said it would invest $30 billion in EV development. In 2022, Ford said its annual production run rate for EVs would be 600,000.
Ford's US EV market share was just over 7% in February. Despite all its troubles, Tesla's was 45.2%. Ford has a long way to go before it can challenge Tesla.
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