It seems Ford doesn't want to give away all the surprises at a time. The US automaker on Thursday said that its new all-electric SUV will be named Mustang Mach-E, although it is yet to give a glimpse into the vehicle.
Mustang Mach-E is the iconic carmaker's first offering in the electric vehicle space and will be unveiled at the Los Angeles Auto Show this Sunday. The launch will be streamed live, with actor Idris Elba joining the Mach-E on stage. Also, Ford's decision to use the brand name Mustang is in a move to lure the iconic car's loyal fans so that they switch to electric vehicles.
The vehicle, according to Ford, will be available in the United States, Europe and Canada by next fall. Although the company declined to comment on the price of the vehicle, it is likely to be priced around $50,000. The company will also offer prospective buyers a chance to book the electric SUV by submitting a $500 refundable deposit.
This is also the first time that the carmaker is using the name Mustang on a vehicle other than its iconic two-door pony car that debuted in 1964. Ford till now had been using the codenamed Mach 1 to describe the SUV. Understandably, the company wants to use the name Mustang to stand out in the increasingly crowded electric vehicle market.
Although Ford has declined to provide the reason behind naming the car Mustang, it is a clear indication that the company is once again relying on its only warhorse to woo buyers as well as making an effort to expand the Mustang franchise.
Long road ahead
Mustang Mach-E will also mark Ford's foray into the electric vehicle market, and is part of the $11 billion restructuring plan that was announced in 2018. The electric car market is fast expanding and the United States, China are the two biggest markets for cars. Ford already has a good presence in China, the fastest-growing electric vehicle market in the world.
The carmaker, with Mustang Mach-E, will also try to expand its footprint in the Asian country given that the US market has been witnessing a decline in car sales for the last few quarters. However, Ford is already a late entrant in the electric vehicle space and is likely to face stiff competition from the likes of Tesla.