By Michael Elkins
Ford (NYSE:F) announced Wednesday that the company has produced its 150,000th Mustang Mach-E since starting production nearly two years ago. As the company scales EV production, almost all of Mustang Mach-E's growth to date is coming from customers replacing an internal combustion vehicle with electric, proving that Ford is creating electric vehicles that meet broad customer needs.
Strong demand for the Mach-E has propelled Ford to the second best-selling EV brand behind current leader Tesla (NASDAQ:TSLA). In the US alone, over 31,000 Mustang Mach-E’s have been sold year-to-date, through October 2022.
"When we put the pony on this Mustang, we knew we'd have skeptics. What we didn't quite know then was just how popular this car would become," said Darren Palmer, vice president, Electric Vehicle Programs, Ford Model e. "I love seeing Mustang Mach-E vehicles on the road and talking to customers, and I am seeing more and more of them."
"The plant is buzzing," said Deborah Manzano, Ford's director of manufacturing. "There's a new battery line, new chassis line, additional assembly line, we’re literally maxing out the space to make more Mustang Mach-E vehicles. We most recently added a new paint shop, too. Nothing is standing still for long!"
The Mustang Mach-E is available in 37 countries across the world for 2023, up from 22 in the vehicle's first year. Some of the newest additions to the Mustang Mach-E's markets are New Zealand, Brazil, and Argentina, which are all part of Ford's broader strategy of reaching an annual EV production of 600,000 units by the end of 2023. By 2026, the manufacturer wants to start building more than 2 million electric vehicles each year.
Shares of F are down 1.35% in mid-day trading on Wednesday.