Ford (F) has tossed its car hat into the electric automobile arena. Yes, the new electric Mustang Mach-E is scheduled for release in the summer of 2020, and Ford is going all-out with its entry into electric; the Mach-E’s design was inspired by the classic 1960s Mustang muscle car.
And Ford is full. Done. Sorry. Too late.
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That’s right. Reservations are already full for the high-end, First Edition version of Ford’s new electric sports car. Pre-orders are still available for premium and GT versions.
Back in November, Ford unveiled the Mach-E in Los Angeles and began taking $500 refundable reservations. According to the automaker, so far, 80% of reservations by U.S. customers have been for the Mach-E with an extended range battery, while more than 25% of the reservations have come from people living in California. Roughly 30% of U.S. customers have chosen the Mach-E GT model. Although stats aren’t in yet on how many reservations Ford took for the First Edition model, according to CNBC, all versions of the Mach-E will be limited to 50,000 vehicles for the first 12 months.
So what does this all mean?
Well, not only is the First Edition sold out, but it also rivals Tesla’s Model Y, which was unveiled back in March and is scheduled to be released at the same time as the Mach-E. But unlike the Ford EV, if you go on Tesla’s website, you can still pre-order the Long Range Premium model (as well as all of the other versions).
Still, the rise of the Mach-E trumpets Tesla (TSLA)’s impact on the automobile industry; the old-school auto-guard now needs to compete with Elon Musk’s company to stay relevant with the growing popularity of electric vehicles. This all came about toward the end of 2017, when Ford CEO Jim Hackett formed a new internal team, called “Team Edison,” to oversee the company’s EV program. At that time, Hackett also shifted one-third of internal combustion engine investments to EVs.
So, let’s talk about the pink electric elephant in the automobile showroom… how does the Mach-E compare to the Model Y?
Prices for the Mach-E start at about $45,000, with the GT Performance Edition starting at $60,000—pretty similar to the Model Y price range of $47,000 to $60,000.
The same goes for the battery life. On a single charge, the Mach-E runs 270 miles (First Edition) and 300 miles (Premium) compared to the Model Y’s 280 miles (Performance) and 300 miles (Long Range). Both of the lowest trim levels (Mach-E Select and Model Y Standard) will give the driver a range of 230 miles.
You’re essentially getting the same battery range.
Ditto on performance, with both Ford and Tesla’s high-end models clocking in at 459 HP. The Mach-E can go from 0 to 60 in 3.5 seconds, which is on par with the Porsche 911 GTS. (Spoiler Alert: The Model Y Performance can also do the same.)
The takeaway is Tesla is now competitive with Ford—or is it Ford that is now competitive with Tesla? Who is keeping who on their toes? The point is that the direction of our automotive future is clearly paved, as the old guard starts competing with the EV kid on the block.
