Tesla Losing Electric-Vehicle Crown as Ford's Mustang Mach-E Sales Heat Up
Tesla may be losing its electric-vehicle crown as Ford's Mustang Mach-E sales heat up.
Tesla's share of the U.S. electric-car market fell from 81% to 69% in February.
The Mustang Mach-E was nearly the sole reason for Tesla's market-share losses.
Ford's new electric car has been widely successful, winning awards and Wall Street's approval.
Ford's electric Mustang Mach-E appears to be cutting into Tesla's comfortable lead in the electric-vehicle market right out of the gate.
The Mustang Mach-E was the third highest selling electric car model in the U.S. in its first full months of sales, according to a report from Morgan Stanley on Thursday. The car trailed behind Tesla's Model 3 and Model Y in February.
While Ford has only sold 6,614 units of the new SUVs to date, Tesla's share of the US electric-car market fell to 69% in February, down from 81% in the prior year, an earlier Morgan Stanley report dated March 3 found. What's more, the Mustang accounted for nearly all of Tesla's market-share losses, the bank said.
Ford's first-quarter vehicle sales were up over 23% year-over-year, the automaker said Thursday, with electrified vehicle sales rising 74%, thanks mainly to the Mustang Mach-E and F-150 PowerBoost Hybrid sales.
2021 Ford Mustang Mach-E GT Performance Edition (photo credit: Ford)
