Electric vehicle makers seem to be rolling out new models almost daily, hoping they will cut into Tesla's Model Y dominance. But does Tesla (TSLA) -) have much to worry about, based on its huge advantage over the competition in EV sales?
The race for the electric vehicle industry's top selling company goes through Tesla, as the company led the industry with over 1.3 million vehicles delivered in 2020 and over 889,000 in the first half of 2023. It's on target to reach its annual goal of 1.8 million deliveries for 2023. The company's Model Y sports utility vehicle also became the world's best-selling car with about 267,200 vehicles sold in the first three months of the year ahead of Toyota, which sold 256,400 Corolla units, which are not EVs.
Related: Ford’s next generation electric truck may finally have a new name
Tesla ready to surpass Rivian, Ford in truck sales
America's legacy carmakers are not even close to keeping up with Tesla in EV deliveries. General Motors (GM) -) sold about 36,000 EVs in the first half of 2023, while Ford sold about 25,000 EVs in the first half. Ford sold over 61,000 EVs in 2022. GM delivered over 39,000 EVs in 2022.
Later this month, Tesla will deliver its new Cybertruck pickup truck, which should quickly surpass industry EV pickup leaders Rivian and Ford. Rivian (RIVN) -) had the best-selling all-electric pickup truck in 2022, selling 20,332 of its R1T vehicles, while Ford's F-150 Lightning EV came in second with 15,617 pickups sold.
But Tesla reportedly already had over 1.9 million reservations for the Cybertruck as of July. Tesla should easily surpass Rivian and Ford in truck sales if it can produce enough vehicles to fill orders.
Ford
Ford unveils its Mustang Mach-E Rally
Ford (F) -) still has plans to challenge Tesla's Model Y small crossover SUV for sales as it on Sept. 7 revealed its much-anticipated and first-ever rally-inspired electric vehicle, the Mustang Mach-E Rally, at IAA Mobility in Munich, Germany. The company had unveiled a camouflage version of the vehicle earlier this year.
“Mustang Mach-E Rally puts Ford’s decades of passion for rally championships around the world right in the hands of our customers,” Ford CEO Jim Farley said in a statement. “It takes Mustang where it hasn’t been before – to gravel and dirt roads. Inspired by true driving enthusiasts, a driving experience like never before for the pure joy of driving.”
Mustang Mach-E Rally has a tuned version of the Mustang Mach-E GT powertrain, with a two-motor layout targeting at least 880 Nm of torque and 358 kW of power. The vehicle includes a lithium-ion battery with a 91 kWh usable capacity. The Dearborn, Mich., automaker, however, has not yet revealed details on pricing and range.
The EV has the first-ever RallySport Drive Mode 6 from Ford, which is designed for off-road driving and adapts electronic control systems to allow bigger slides, a linear throttle response for better control, and more aggressive damping for better handling in loose corners, the company said in a statement. The auto's drive mode, combined with its tires, allows the Mustang Mach-E Rally to perform in snow and other slick on-road conditions.
Ford said that the Mustang Mach-E Rally will be available for order in early 2024 with deliveries coming shortly afterward.
