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Hedge Funds Are Quietly Piling Into Oil

Hedge Funds Are Quietly Piling Into Oil

Institutional investors are buying oil…

Ford Takes On Tesla With New Electric Mustang

Mustang E

Ford unveiled on Sunday the Mustang Mach-E, targeting an estimated range of at least 300 miles with the available extended-range battery and rear-wheel drive. Reservations are now open for deliveries starting in the spring of 2021.  

Ford Motor Company referred to it as adding “a new pony in the stable”, expanding its Mustang range of vehicles with an all-electric SUV— Mustang Mach-E, which it hopes will compete with Tesla beginning next year.

“The Mustang Mach-E wholeheartedly rejects the notion that electric vehicles are only good at reducing gas consumption,” Hau Thai-Tang, Ford’s chief product development and purchasing officer, said in a statement.

“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,” he added. 

The Mustang-inspired SUV is expected to be a competitor for the Model Y that Tesla plans to begin producing next year.

Ford is likely to target competition with Model Y on pricing, too, so it is expected that the Mustang-like electric SUV could sell for between $40,000 and more than $60,000, depending on the version and range, according to The Detroit Bureau.  

Ford’s pricing list that was revealed on Sunday was in line with those forecasts. The First Edition Mustang Mach-E starts at US$59,900, the Select version starts at US$43,895, the Premium version’s base price is set at US$50,600, the California Route 1 starts at US$52,400, and the GT starts at US$60,500.

Tesla’s Elon Musk welcomed the new competition in a tweet to Ford Motor Company, saying that “Sustainable/electric cars are the future!!” and that he is “excited to see this announcement from Ford, as it will encourage other carmakers to go electric too.”

“Thanks, Elon. We couldn't agree more. See you at the charging station!” a tweet from Ford replied to competitor Musk.

By Tsvetana Paraskova for Oilprice.com

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