- The Ford Mustang Mach-E was named utility vehicle of the year on Monday on the North American car, truck and utility vehicle of the year.
- The victory suggests that Ford, a relative newcomer to electric vehicles, could give Tesla money in the years to come.
- The Hyundai Elantra won the car of the year and the Ford F-150 was named the best truck.
- Visit Business Insider’s homepage for more stories.
The Ford Mustang Mach-E won the Best Awards at the 2021 North American Motor, Truck and Utility Vehicle of the Year (NACTOY for short) during a virtual event on Monday.
The Mach-E, Ford’s first electric vehicle, has claimed the title of utility vehicle of the year, suggesting that Tesla’s years of reign as the undisputed leader in EVs may come to an end, and that old-fashioned carmakers such as the Blue Oval may not play much longer catching up.
The NACTOY Awards are judged by a panel of 50 motoring journalists, who limited 43 eligible vehicles to three winners based on segment leadership, innovation, design, safety, handling, driving satisfaction and value. The Hyundai Elantra won the car of the year, while the jury named the Ford F-150 pickup of the year.
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The winners beat six other finalists: the Genesis G80, Nissan Sentra, Jeep Gladiator Mojave, Ram 1500 TRX, Genesis GV80 and Land Rover Defender.
But the Mach-E has impressed not only members of the media, but also Wall Street analysts, who say Ford’s sleek electric crossover could bring bad news for Tesla investors.
A team of JPMorgan analysts recently took a look at the Mach-E, “and were impressed.” While the new car is not necessarily better than the Tesla Model Y – its biggest competitor – it may help increase Ford’s market value, JPMorgan said in a comment to customers.
Read more: Ford’s electric car brain explains how his team raised the Mustang Mach-E against rivals such as Tesla
The analysts also said that an increase in the attractive electric options on the market could hurt Tesla’s valuation in three ways: by reducing its sales, by reducing demand from other automakers for Tesla’s Zero Emission Vehicle credits, and by questioning the “paradigm-shifting nature of Tesla’s vehicles and business model and, in turn, the appreciation of the industry.”
Insider’s Car of the Year was also a non-Tesla EV. The hybrid Polestar 1 and the fully electric Polestar 2 combined for Insider’s highest car honor, while Porsche’s super-powered super sedan, the Taycan, took second place.