Ford (F) delivered record sales in February in the first full month of the Mustang Mach-E electric crossover, bringing the market share of Tesla (TSLA). Ford shares have retreated and are trading at different buying points.
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Ford fell 14.1% year-on-year to 163,520, Ford said in a news release. This included declines of 3.6% for Ford trucks, 10.2% for sports utility vehicles and 65.2% for passenger cars, the latter being a market that left the car giant anything but.
Total retail sales fell 1.8%. Retail trucks increased by 10.2% and retail vehicle sales by 0.2%.
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Ford sold 3,739 Mustang Mach-E electric vehicles, a competitor to Tesla’s Model Y. A hybrid F-150 truck also helped increase sales of EV and hybrid to 9,267 units last month, with 56% higher than a year ago and a record for February.
“Nearly 70% of Mach-E orders are from competing brands, while just over a fifth were sold in California,” reads Ford’s release. California is both the largest U.S. market for EVs and Tesla’s home field.
In a March 2 note, Morgan Stanley analysts said that Ford Mustang Mach-E stole an EV share from Tesla last month. “While U.S. EV sales rose 34% in February, Tesla’s share fell to 69% from 81% the previous year,” they write. The Ford Mustang Mach-E accounted for almost 100% of the share loss, ‘they added.
Ford stock near points of sale
Shares in Ford Motor lost 2% to 12.31 in the stock market on Wednesday. According to MarketSmith shares, Ford shares soon rose to a buying point of 12.50 four weeks ago. The four-week strict follow-up, however, had a brief breakthrough of the then three weeks and an entry of 12.14. This is probably a better buy point, along with 12.25, above the left side of the short consolidation.
Tesla share slipped 2.1%. China’s Nine (NIO) retreated 2.4% and continued the slide after earnings after warning that the shortage of chips would hit EV production. Stellantis (STLA), formerly Fiat Chrysler, fell 2.6% amid earnings and General Motors (GM) gave up 1%.
On Wednesday, Ford also recorded record sales of its F-650 and F-750 commercial heavy trucks in February. Sales increased by 143% to 1,686 units.
Ford’s fully electric commercial van goes on sale late this year. A fully electric F-150 pickup is due to arrive next year.
Total car sales in the U.S. reached an annual rate of 16 million vehicles in February, according to JD Power and LMC Automotive. It decreased from 16.8 million in January 2021 and from 16.6 million in February 2020.
Last month, Ford said it would start selling the Mustang Mach-E in Europe because it was investing $ 1 billion in a mainland electric vehicle factory. Ford also plans to make the Mach-E in China.
By 2030, Ford’s entire range of passenger vehicles in Europe will be fully electric vehicles. He is investing $ 29 billion over the next five years to develop electric vehicles and autonomous cars.
Find Aparna Narayanan on Twitter @IBD_Aparna.
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