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Red Sea Crisis and OPEC+ Cuts Support Oil Prices

Red Sea Crisis and OPEC+ Cuts Support Oil Prices

Brent Crude prices have held…

Ford Stock Climbs On Electric-Mustang Hype

For the first time in over half a century, Ford’s Mustang lineup is getting an addition.

The electric vehicle revolution continues to build as legacy automakers are making their moves.

At the L.A. Auto Show, Ford unveiled its new all-electric 2021 Mustang Mach-E to its lineup, waxing poetic in noting the vehicle embodies the “Mustang spirit” with its “sleek silhouette and muscular curves.”

“At the first-ever Detroit auto show, Henry Ford said he was working on something that would strike like forked lightning,” Executive Chairman Bill Ford said. “That was the Model T. Today, the Ford Motor Company is proud to unveil a car that strikes like forked lightning all over again. The all-new, all-electric Mustang Mach-E. It’s fast. It’s fun. It’s freedom. For a new generation of Mustang owners.”

According to Ford, the new SUV model will be available with standard- and extended-range battery options, with either rear-wheel or all-wheel drive options.

Ford says the Mach-E has an EPA-estimated range of over 300 miles, based on a full charge (final range estimates will be available in 2020, the automaker noted).

“In extended-range all-wheel-drive configurations, Mach-E is targeting 332 horsepower and 417 lb.-ft. of torque – with the standard all-wheel-drive variation targeting quicker times to 60 mph than the base Porsche Macan series,” the automaker said.

Ford was quick to tout the vehicle’s aesthetics and drivability — in other words, it’s not just a gas-saver.

“The Mustang Mach-E wholeheartedly rejects the notion that electric vehicles are only good at reducing gas consumption,” said Hau Thai-Tang, Ford’s chief product development and purchasing officer. “People want a car that’s thrilling to drive, that looks gorgeous and that can easily adapt to their lifestyle – and the Mustang Mach-E delivers all of this in unmatched style.”

In October, Ford reported its third-quarter U.S. sales were down 4.9 percent on a year-over-year basis, while its truck sales increased 8.8 percent. Ford’s truck and SUV mix accounted for 87 percent of sales in the quarter, the automaker said, up from 82 percent in 2018. Meanwhile, Ford’s average transaction price jumped by $2,200 to $37,900.

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Ford shares closed up 2.07 percent on Friday.

Ford’s unveiling of its new Mach-E at the L.A. Auto Show was followed by Tesla’s own announcement of its new “Cybertruck,” which features a stainless steel body.

While some may be skeptical of the hype around electric vehicles and their narrative of rapid ascent toward market domination, competition is certainly picking up in the market. (MetalMiner’s Stuart Burns, however, last month offered somewhat of a counter to the EVs narrative, noting growth in EV sales is being outstripped by those for “fuel-guzzling SUVs.”)

In a report earlier this year, BloombergNEF forecast electric vehicle sales are on track to command 57 percent of global passenger car sales by 2040.

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Of course, there’s a long way to go until 2040, so it remains to be seen if that and other similar forecasts will come true.

With that said, it’s undeniably true that automakers don’t want to be caught without a plan for electrification and options for consumers looking to make the transition away from the traditional internal combustion engine.

Speaking of consumers, EV affordability is another issue entirely — but, of course, for now it’s one step at a time.

By AG Metal Miner

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