With Ford investing $50 billion in EVs with the goal of producing two million units annually by 2026, many believed that the iconic Ford Mustang was destined for electrification, perhaps as soon as the new, next-generation S650 model. However, the 2024 Ford Mustang debuted last week in EcoBoost, GT, and Dark Horse variants, each of them featuring traditional ICE engines. The S650 is also expected to have an eight-year life cycle, which is notable since it will likely be the last to feature a non-electrified V8. Regardless, the 2024 Ford Mustang is a sure sign that FoMoCo remains committed to ICE vehicles in spite of its EV pivot, though CEO Jim Farley recently noted that the pony car wouldn’t have survived if it wasn’t for the introduction of the all-electric Ford Mustang Mach-E.
“The Mustang Mach-E, in a way, created, allowed this car to happen,” Farley told CNBC in a recent interview. “Competitors are buying credits for emissions, and they can’t come out with this kind of vehicle.” “If people don’t want them anymore, it’ll go away, but I personally believe people are going to want this vehicle for quite some time,” added FoMoCo chairman Bill Ford, noting “that day will come with a tear in my eye.”
The Mach-E’s success has certainly paved the way for Ford to continue to invest in ICE vehicles. The EV crossover has routinely appeared on Consumer Reports‘ list of the most satisfying vehicles among owners, and has attracted most of its customers from rival brands. Ford continues to ramp up Mach-E production to meet demand, which placed it third – behind only the Tesla Model 3 and Model Y – in terms of EV sales in the U.S. in Q2.
For the 2023 model year, the Mach-E is receiving a few changes, including a 13-mile range boost for Premium models, standard Ford Co-Pilot360, a 90-day trial of Ford BlueCruise and the 360-degree camera for Select trims, two new colors – Carbonized Gray Metallic and Vapor Blue Metallic, standard all-wheel drive for the California Route 1, a standard panoramic fixed-glass roof for the GT and GT Performance Edition, and the addition of the all-new Nite Pony Package.