Ford Motor Co., which pioneered the racy pony-car body style 55 years ago, will use the Mustang name and insignia on an electric crossover utility vehicle coming next year.
“The launch marks the first real milestone in Ford’s increased emphasis in electrification, and more importantly marks an increased effort by the legacy U.S. automakers to be relevant in electrification,” Dan Levy, a Credit Suisse analyst, wrote in a report Thursday. “For all the competition entering the market we are still awaiting the EV that will be a true competitive threat to Model 3 – especially in the U.S.
Tesla has commanded a dominant share of the U.S. electric-vehicle market thanks to the Model 3 sedan, which starts at $39,490. Premium brands have priced models including the Audi e-tron, Jaguar I-Pace and Mercedes-Benz EQC too high to snare many buyers, Credit Suisse’s Levy said. Lower-priced entries including the Hyundai Kona, Kia Niro, Nissan Leaf and Chevrolet Bolt have struggled because they cost roughly US$15,000 more than comparable models powered by internal combustion engines.
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