Ford's first electric crossover is off to a very strong start.
As Ford's first foray into the world of EVs, the Mustang Mach-E needs to be successful. Applying the beloved Mustang moniker to an electric crossover was a bold move that upset some long-time fans of the perennial pony car, but the gamble is paying off. As reported by Electrek, Morgan Stanley has released its February 2021 US auto sales report, confirming that electric car sales are up by 34 percent year-on-year.
In contrast, total auto sales were down by 5.4 percent overall when adjusted for the number of selling days. As expected, Tesla still dominates the EV segment with a 69 percent market share. However, this is a significant drop from 81 percent in February 2020 - and it's all Ford's fault.
Referring to Tesla's decline, Morgan Stanley notes that sales of the Mustang Mach-E "accounted for nearly 100% of share the loss," which is impressive considering Ford's electric crossover only went on sale last year. Last month, Ford shipped 3,739 units of the Mustang Mach-E, up from 238 in January and just three units in December. Ford's electrified sales - including hybrids - were also up by 9,267, a 56.1 percent increase year-on-year.
This is still paltry compared to Tesla's performance, as Morgan Stanley estimates Tesla sold 21,550 cars last month. EV sales from other auto brands including Ford, Chevrolet, Jaguar, Audi, Porsche, BMW, VW, Mercedes, Hyundai, Kia, Nissan, Honda, Volvo, Mini, and Fiat made up 9,527 units.
Tesla's sales were up by 5.4 percent, while electric car sales from non-Tesla brands jumped by a whopping 104.9 percent. Nevertheless, it's a strong and encouraging start for the Mustang Mach-E - luring EV buyers away from Tesla is no small feat. If Ford can maintain this sales momentum, the Mustang Mach-E will be Tesla's biggest threat.
As more automakers like Jaguar Land Rover, Bentley, and Volvo commit to becoming electric-only brands in the future, Tesla's EV market dominance should continue to decline over the next few years.