September 20, 2022: -On Wednesday, Ford Motor CEO was in his element, surrounded by gearheads and the automaker’s recent 2024 Mustang models, which includes a surprise substitute high-performance version known as the “Dark Horse.”
There were zero talks of electric vehicles or sustainability during the unveiling of the Detroit auto show. They were revving engines and tires to the applause of hundreds of Mustang owners in attendance.
The scene unfolded in stark contrast to the latest events for Farley and Ford, which have touted electrification and green goals. That’s due to despite the EV transition; Mustang sticks with gas-powered engines for the seventh-generation vehicle in 2024.
That may come as a surprise, given Ford is planning to invest $50 billion in new electric vehicles in the years ahead and expected goals for the Dodge Challenger and Chevrolet Camaro, the Mustang’s most prominent rivals, to go electric.
Farley said the reason behind Ford sticking with gas engines for the new vehicle is essential because it could and as it makes good business sense for the foreseeable future.
The Ford Mustang can be in a segment all by itself in the upcoming years, forcing those who thirst for an American coupe muscle car to come to the brand. That contains non-U.S. customers, representing about 20% of Mustang’s sales.
“People are leaving the segment, Dodge, so we have a chance to present something new regarding Mustang,” Farley said after the 2024 Mustang debut. “This will give us a big advantage because many still love this car.”
As the American muscle car segment has decreased from what it once was, there’s demand for vehicles that can attract attention and new customers for their respective brands.
As Ford is investing in EVs, Farley says the automaker will continue to invest in its traditional business. It’s part of the CEO’s recent plan to grow sales across its traditional industries, EVs, and commercial vehicles.
Farley and Ford Chair Bill Ford refused to say whether the seventh-generation Mustang is anticipated to be the previous gas-powered version of the car.
“If people refuse them, it’ll go away, but I believe people are going to want this vehicle for quite some time,” says Ford, adding, “that day will come with a tear in my eye.”
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