On Sunday, Ford Motor Company (NYSE: F) unveiled its answer to Tesla Inc's (NASDAQ: TSLA) powerhouse electric lineup: the Mustang Mach-E. The all-electric SUV will ride like a traditional Mustang but also break ground as the automaker’s first long-range electric vehicle.
What Is The Electric Mustang Mach-E?
The Mustang Mach-E will come in five versions supporting 210 to 300 miles of travel. The most powerful model boasts 459 horsepower with 0-to-60 acceleration in 3.5 seconds.
In many respects, it imitates the vibe of Tesla’s Model Y. Features include a front trunk, a 15.5-inch touchscreen display, a spacious interior and a driver monitoring system that advances Ford’s mission to enable hands-free expressway driving.
“Also on the plus side, the Mustang Mach-e is a sport utility, the most popular body style by a long shot, with not a lot of competitors,” Cox Automotive senior analyst Michelle Krebs said, noting that most EVs are cars.
Even with the upgrades, Ford preserved many of the features of the original Mustang, including the long hood and the illusion of width. The newest model even still purrs like a Mustang.
“Ford clearly is trying to leverage the brand strength of Mustang for its new EV SUV,” Krebs said, noting the vehicle generally ranks fifth in Kelley Blue Book’s consumer survey. “That brand strength also connotes performance, which Ford is emphasizing the Mustang Mach-E, over the nerdy, environmentally friendly image that a Toyota Prius has, for example.”
Does The Street Like The Mustang Mach-E?
Still, many Mustang purists are disappointed with the modernized features, such as the lack of handles. Tesla CEO Elon Musk, on the other hand, was elated by Ford’s reveal.
Congratulations on the Mach E! Sustainable/electric cars are the future!! Excited to see this announcement from Ford, as it will encourage other carmakers to go electric too.
— Elon Musk (@elonmusk) November 18, 2019
Experts say Tesla has little reason to worry about competition from the Mustang.
“Tesla is in a league of its own,” Krebs said. “It owns nearly 80% of the EV market in the U.S. Despite new competitors, none has made a dent in Tesla’s sales or reputation. Tesla’s brand strength is like no other.”
How Much Will The Mustang Mach-E Cost?
Ford may be able to compete on cost, though. Ford’s base “Select” model will cost nearly $44,000, with more souped up editions exceeding $60,000. Ford buyers remain eligible for the $7,500 federal tax credit, as well as various state and local credits, which could drop the base price by nearly $10,000.
Ford has begun to accept vehicle reservations and plans to begin shipments in late 2020.
Ford's stock traded higher by 1.1% to $9.04 per share.
Courtesy photo: Ford Motor Company Executive Chairman Bill Ford, left, and actor Idris Elba next to Ford Motor Co.’s all-electric Mustang Mach-E GT SUV at Jet Center Los Angeles in Hawthorne, California on Sunday, Nov. 17, 2019.