Ford President Bill Ford and President and CEO Jim Farley chat before the newly revealed Mustang Dark Horse at The Stampede in downtown Detroit on September 14, 2022.
ADVICE – Ford Motor CEO Jim Farley was in attendance Wednesday night, surrounded by the automaker’s new 2024 Mustangs and numbers, including a surprising new high-performance version. called “Dark Horse.”
No talk of electric vehicles or sustainability in time debut for the Detroit auto show. Just the engine revving and the tires screeching, to the applause of the hundreds of Mustang owners present.
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The scene is completely opposite to other recent events to Farley and Ford, which have touted electrification and green goals. That’s because despite the EV conversion, the Mustang is sticking with a gas-powered engine for a seventh-generation vehicle in 2024.
That may come as a surprise, given that Ford plan to invest 50 billion dollars in new electric vehicles in the coming years, as well as tentative plans for the Dodge Challenger and Chevrolet Camaro – Mustang’s biggest rivals – to go electric.
So why is Ford sticking with the petrol engine for the new car? Basically, says Farley, because it can…and because it makes good business sense for the foreseeable future.
The Ford Mustang is likely to find its own niche in the coming years, forcing those who still crave an American coupe-style muscle car to head to the brand. That includes non-US customers, who represent about 20% of Mustang sales.
“People are leaving the segment, like Dodge, so we have a chance to really present something new about the Mustang,” Farley said later. The 2024 Mustang debuts. “This will give us a big advantage because a lot of people still love this car.”
2024 Ford Mustang Dark Horse
While the US muscle car segment has shrunk from what it used to be, there is still demand for the class of vehicles, which could also attract new attention and customers for their respective brands.
As Ford invests in electric vehicles, Farley said the automaker will continue to invest in its traditional business. Its part of the CEO’s new plan to increase sales across traditional business, electric vehicles and commercial vehicles.
Farley and Ford president Bill Ford declined to say whether the seventh-generation Mustang will be the ultimate gasoline-powered version of the car.
“If people don’t want them anymore, it’s gone, but I personally believe people will want this car for quite some time,” Ford said, adding that “that day will come to me.”
Farley said a big reason Ford continued with gasoline-powered Mustangs was, ironically, the success of Mustang Mach-Ean all-electric crossover that first went on sale in late 2020 and has actually outsold the gas-powered version for a number of months.
Mach-E, which bears little resemblance to the gasoline-powered Mustang beyond its name, has made Ford the second-best-selling electric vehicle brand in the country.
That EV success has given the automaker more flexibility to go ahead with gas-powered models, compared with rival automakers who have had to chase electric vehicle sales and regulatory emissions credits awarded to them.
Auto manufacturers are required have a specified amount of credit each year. If a company can’t hit the target, it can buy credits from other companies, such as Tesla, that have excess credits.
“In a way, the Mustang Mach-E was created, which allowed this car to happen,” Farley said. “Competitors are buying credits for emissions, and they can’t launch this type of vehicle.”
U.S. President Joe Biden stands next to a Ford Mustang Mach-E (electric) SUV during his visit to the Detroit Auto Show, to highlight electric vehicle manufacturing in the US, in Detroit, Michigan, September 14, 2022.
Kevin Lamarque | Reuters
Dodge says such emissions regulations are one of the reasons it will discontinue production of the gas-powered Charger and Challenger by the end of next year. Chevrolet is expected to end production of the gas-powered Chevy Camaro in the coming years as part of the General Motors’ plans to exclusively offer electric vehicles by 2035.
Dodge spokesman, part of StellantisThe company is “celebrating the end of an era – and the beginning of a bright new electrified future,” said the company.
A Chevrolet spokesperson said the company does not comment on future production, but added, “The Camaro continues to play an important role in Chevrolet’s performance vehicle lineup and remains a vehicle in demand. high that our customers love.”
Farley, meanwhile, said he wants to grow his traditional business through “opinionated products” that attract as much debate and attention as the 2024 Mustang, including the “Dark Horse” variant. ” new.
“I had a shirt at the dealership that said ‘Ford vs. Everyone.’ That’s our attitude,” Farley said. “We want to be a dark horse. We are a dark horse against Tesla in the electric vehicle business. We want to bring a new game.”