Jim Farley made no secret of his desire to win.
the ford (F) – Get a free report The CEO has made it clear that he wants his company to be the best player in the electric vehicle industry.
In April he threw down the gauntlet at Tesla (TSLA) – Get a free reportthe world’s largest electric vehicle company, and “all comers to become the world’s leading electric vehicle manufacturer”.
“It’s something no one would have believed just two years ago from us,” Farley said;
The company announced on November 30 that it had built the 150,000th Mustang Mach-E since production began nearly two years ago despite Supply Chain challenges and a surge in commodity prices.
The achievement even impressed Tesla (TSLA) – Get a free report CEO Elon Musk who tweeted to his congratulations to Farley and company.
“Thanks, @Elon MuskFarley replied. “A lot of work ahead.”
And Ford said on Dec. 1 that it plans to invest an additional $153 million in its UK manufacturing plant to boost production of electric vehicles.
Ford sold a total of 6,255 vehicles in November, up nearly 103% from a year ago, and “making Ford the second best-selling brand and maker of electric vehicles behind Tesla.”
F-150 Lightning sales totaled 2,062 and since its first sale in late May, F-150 Lightning sales totaled 13,258 trucks.
“Ford’s electric vehicle sales grew at about twice the rate of the entire electric vehicle segment in November as Ford prepares to ramp up production next year to meet U.S. demand,” said Ford in A declaration.
Ford beat Hyundai-Kia to take the No. month. Retail sales fell 15.8%.
“Tesla’s position is changing”
Truck sales were down 1.2% and SUV sales were down 15% from a year ago.
And there is still a lot of work to be done in the EV sector. Tesla announced worldwide deliveries of more than 908,000 electric vehicles in the third quarter.
But Tesla, who delivered the first sound long-promised electric semi-trailers on December 1, cannot afford to rest on its laurels, according to the S&P Global Mobility Study.
The study indicates that much of Tesla’s share loss is in electric vehicles available in a more accessible manufacturer’s suggested retail price (MSRP) range – below $50,000, where Tesla is not. still really competitive.
“Tesla’s position is evolving as new, more affordable options arrive that offer equal or better production technology and construction,” said the report said. “As consumer choice and interest in electric vehicles increases, Tesla’s ability to maintain a dominant position market share will be challenged in the future.”
The study predicts that the number of battery-electric nameplates will grow from the current 48 to 159 by the end of 2025, “at a faster rate than Tesla can add factories.”
Tesla currently has a 65% share of the electric vehicle market, with Ford in second place with 7% market share, Kia next at 5% and Chevrolet and Hyundai tied for fourth with 4% each, according to S&P Global Mobility Data. The remaining 15% share is split between all other electric vehicle manufacturers.
Tesla is developing a lower-cost electric vehicle
During a recent earnings callMusk again confirmed that the company is working on a vehicle that is priced lower than the Model 3, “although the timing of the market launch is unclear.”
“Tesla’s model lineup is expected to expand to include Cybertruck in 2023 and possibly a Roadster, but Tesla’s model lineup in 2025 will be largely the same models it offers today,” the report said.
“Before you feel too bad for Tesla, remember that the brand will continue to see unit sales increase, even as market share declines,” said Stephanie Brinley, associate director, AutoIntelligence for S&P Global Mobility.
“The electric vehicle market in 2022 is a Tesla market, and it will continue to be so as long as its competitors are bound by production capacity,” Brinley said.