advertisement
advertisement

How Ford’s Mustang Mach-E upended the EV market

When the Mach-E went on sale, Tesla’s EV market share fell from 81% to 69%.

How Ford’s Mustang Mach-E upended the EV market

“Mustang is an emotion,” says Ted Cannis, CEO of Ford Pro, Ford’s newly created commercial business—and the electric SUV market is suddenly feeling it. As the company’s global director of electric vehicles, Cannis oversaw the creation of the Mustang Mach-E—the first electric vehicle Ford built from the ground up and a totally new offering from the legacy Mustang brand. Cannis, who has an advertising and finance background, saw that the field was already saturated with what he calls “economy sippers”—affordable, small EVs with “green” and “eco” branding. Through market research, his team identified a new cohort of buyers: young, tech-savvy consumers interested in design but also value, space, and, yes, sustainability. Internal data showed that many of Ford’s existing performance car customers were interested in electric vehicles, as well. “You had SUV people who wanted something sporty and fun, and performance people who wanted something fast and cool. That means Mustang,” Cannis says. Once the company settled on reimagining the Mustang brand for this purpose—a move Cannis says took two years to finalize—the rest fell into place: “You know how it’s got to look, that it has to punch through the air, how fast it needs to go.” The $42,000+ electric Mach-E hit the market in January, and according to early reports almost single-handedly notched Tesla’s EV market share down from 81% to 69%. In May, the company announced the Ford F-150 Lightning, a $41,000 electric truck that will become available in Spring 2022.

advertisement

Read more about Fast Company’s Most Creative People in Business 2021

advertisement
advertisement
advertisement
advertisement