American automaker Ford Motor Company (NYSE:F) plans to continue to use gasoline engines for its latest Ford Mustang sports model, which is to be launched in 2024. Ford said that the loud noise and powerful engine, which are the main attributes of sports cars, will continue to attract customers.
Electric vehicles (EVs) are generally quieter and do not provide the full-throttle experience of a traditional sports car. Ford seeks to leverage this attribute by sticking with the internal combustion engine (ICE) for its popular Mustang sports model.
“I know that if others exit, we will be able to take advantage of that,” said Jeff Marentic, Ford’s GM for family and enthusiast vehicles in North America.
The newly remodeled sports car was showcased at the Detroit auto show on Wednesday, a WSJ report stated. The new model will feature an overhauled interior with two curved customizable displays. The pricing of the model was undisclosed.
Ford Has Strict New Rules for EV Dealers
Ford has also set up new, stricter rules for its EV dealers in the U.S. The company insists on spending around $1.2 million on electrification and EV charging infrastructure in each store. The automaker also set rules for carrying inventory and non-negotiable pricing on its website. These changes are to be made by 2024, or else the dealers will lose the right to sell Ford’s EV.
Is Ford a Buy or Sell?
Wall Street analysts are split on Ford’s future expectations. On TipRanks, F stock has a Moderate Buy consensus rating based on five Buys, nine Holds, and one Sell. The average Ford Motor Company price forecast of $16.29 implies 11.1% upside potential to current levels. Meanwhile, the stock has lost 31.2% so far this year.
