There is no doubt that Ford believes in EV technology. It has launched the Mustang Mach-E and the F-150 Lightning and has pledged to spend $50 billion over the next few years to invest in new electric vehicle plants and update old plants to cope with the transition away from combustion technology. But the shift is only a partial step, as Ford says gas car sales remain critical to its growth.
Ford CEO Jim Farley recently split the company into an EV business called Model e and an internal combustion division called Ford Blue. If you had the chance to stay behind any of these subs, you’d choose the Model e. The future is electric, right? This might be for some consumers, but Ford believes that selling internal combustion cars can make more than just money, but possibly more dollars than its competitors, because Ford is determined to continue offering ICE cars when competitors exit the market, potentially giving Ford a larger market share. . While GM has committed to selling only zero-emission vehicles by 2035, Ford has made no such promise.
Related: GM plans to stop selling gasoline vehicles by 2035, be carbon neutral by 2040
The new 2024 Mustang perfectly demonstrates Ford’s continued faith in gasoline cars at a time when its opposition is throwing everything behind electric vehicles. When the Mustang hits dealerships next summer, it won’t even offer mild hybrid technology that would allow for PHEV or all-electric variants, with the traditional muscle car V8 still the mainstay of the engine lineup. But by the summer of 2023, the Dodge Challenger will be on its farewell tour, and the Chevrolet Camaro likely won’t waste much time following suit.
“In this particular Mustang segment, while the segment may be shrinking, there is a lot of speculation that our competitors may be leaving the segment,” Ford Blue President Kumar Galhotra told CNN Business. “So even though the industry segment is shrinking, we can grow.”
Enthusiast cars like the new Mustang and Bronco are just one of three areas Ford’s combustion efforts are focused on, the others being SUVs and trucks. Galhotra admitted CNN‘s reporter that gas-powered vehicles will eventually be phased out, but until then, Ford seems more than happy to satisfy our long-standing fascination with ICE cars while also satisfying other drivers’ desires to go electric.