Ford reported a drop in deliveries in February, but its Mustang Mach-E took a stake from Tesla


Ford shares fell 3% after the automaker reported an overall decline in deliveries in February, but the company noted strong 11.8% growth in Mustang Mach-E and Bronco Sport combined sales.

Ford Motor Company (F) on Wednesday released its February US sales report, marking the first full month of sales for the Mustang Mach-E and the new F-150 PowerBoost hybrid.

While overall sales were lower than in February 2020, the company noted that retail sales in the Ford SUV segment had the best numbers in 20 years thanks to the Mustang Mach-E and the new Bronco Sport.

The company also noted an increase in the share of its retail sales in February to 12%, compared with 11.7% a year earlier.

Ford shares fell 3% on Wednesday, but the stock chart has shown a strong 78.5% gain over the past six months.

At the same time, an Argus analyst raised Ford’s stock rating and target price to $ 14 (15% upside from current levels) after the automaker surpassed fourth-quarter earnings estimates and announced its transition to all-electric cars in Europe by 2030.

Ford sales in February 2021 were as follows:

  • Total (Total Vehicle) sales were down 14.1% year-on-year to 163,520 units, of which:

  • The largest sales were Trucks, with 88,787 units popular in the American market. Sales of this segment also decreased the least compared to last year, the share of sales of F-series cars in it is the largest: 64,478 units.

  • SUV sales are down 10.2% compared to February 2020;

  • The segment of passenger cars (Car) declined the most – by 65.2%, as the auto giant practically left this market.

In its report, Ford published the number of sales for each model. Analysts studied its success in sales of new products especially carefully; in February, Mustang Mach-E electric vehicles and Bronco Sport SUVs were sold: 3,739 units. and 5 526 units. respectively.

The company noted that “just over one fifth of all Mach-E were sold in California.”

Morgan Stanley analysts said Tuesday that the Ford Mustang Mach-E took away a stake in Tesla’s electric vehicles (TSLA) last month.

“While US electric vehicle sales rose 34% in February, Tesla’s share fell to 69% from 81% the previous year,” they wrote.

For them, Ford Mustang Mach-E sales accounted for almost all of Tesla’s market share decline in February.

Ford announced last month that it will begin selling the Mustang Mach-E to Europe as it is investing $ 1 billion in a plant in Cologne, Germany, to become its first electric vehicle business in Europe. Ford also plans to build the Mach-E in China.

Ford also reported record sales of its F-650 and F-750 commercial heavy trucks, with cumulative sales jumping 143% to 1,686 units.

The all-electric Ford Transit commercial van will go on sale later this year. The all-electric F-150 pickup truck should begin shipping next year.

Ford previously announced it would double electrification investments to $ 22 billion by 2025.

In February, JD Power and LMC Automotive estimated the total annual vehicle sales in the United States to be 16 million vehicles. This is down from 16.8 million in January 2021 and from 16.6 million in February 2020.

However, recent statistics show that the share of electric vehicles in total US sales has grown to 2.6%, up from 1.8% a year ago.

Electric vehicle sales were up 34% in February, in contrast to a 5% drop in sales in the global automotive market as a whole.

Libertex [CPS] WW

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