One of the most anticipated electric vehicles hit the market before the end of 2020 and could be a positive catalyst for a legacy automotive manufacturer that is entering the new year.
What happened: The first 2021 delivery of the Ford Mustang Mach-E took place in Dallas, Texas, on Tuesday, according to InsideEVs.
The car of Ford Motor Company (NYSE: F) is produced in Mexico, so Texas was not a surprise location for the first delivery.
Deliveries in other states are expected to begin soon, with InsideEVs reporting that Mach-E buyers have received emails about shipping their vehicles.
Related link: Ford vs. General Electric: Blue Chip race back to $ 10
Because it’s important: Ford’s new CEO Jim Farley placed an emphasis on growing the company through electric vehicles. The company has committed $ 11.5 billion by 2022 to investments in electric vehicles.
The Ford Mustang Mach-E has several models and price ranges. The Mach-E Premium ER RWD is the first 300-mile electric vehicle from a manufacturer that Tesla Inc (NASDAQ: TSLA).
The vehicle is priced at $ 45,600 after tax credits. The cheapest Mach-E with a range of 211 miles has a price point of $ 39,195 after tax credits.
The Tesla Model Y LR with a 300-mile range is priced at $ 61,190. The Tesla Model 3 Perf LR AWD with a range of 315 miles is priced at $ 56,190.
Ford’s new electric vehicle is the most affordable four-wheel drive all-electric car and has a range comparable to the Tesla. This car can quickly become a best seller in the United States and Europe, due to its variety and price.
Ford’s new vehicle was featured in a holiday commercial bringing together the Griswold family for “Christmas Holidays” and “Holidays”. Unlike Tesla, Ford spends a lot on advertising and could put more money into advertising campaigns for the vehicle.
Price action F: Ford shares rose 0.17% to $ 8.84 on the last check Tuesday. The stock reached $ 9.45 in the past 52 weeks. The shares traded at around $ 6.89 when new CEO Farley took over.
Photo courtesy of Ford.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.