Tesla Dominates EV Market as Ford Faces Challenges

Ford Motor Co. (F) recently faced a setback in the competitive electric vehicle (EV) market as Tesla (TSLA) solidifies its lead. Once seen as a strong contender, Ford now grapples with new obstacles in its electric sales strategy.

According to reports, Tesla’s Cybertruck has surpassed the Ford Mach-E, now ranking as the third best-selling electric vehicle in the U.S. This shift means that Tesla now claims all three positions in the top-selling electric vehicle category: the Model 3, the Model Y, and the Cybertruck.

The situation becomes more dire for Ford, given that the Cybertruck, known for its high price, has outperformed the more competitively priced Mach-E. During the third quarter, Ford sold approximately 13,000 Mach-E vehicles, along with just 7,000 F-150 Lightning pickups.

Ford’s Strategy to Regain Ground

Despite these challenges, Ford is determined to maintain its presence in the EV sector. A new initiative aims to boost electric vehicle sales by offering free Level Two charging stations to buyers of qualifying vehicles, which includes free installation.

Additionally, Ford plans to enhance its brand visibility through Ford’s Garage, a chain of car-themed restaurants. The first location opens on November 2 in Long Island at the Smith Haven Mall, featuring automotive memorabilia and a menu centered on burgers and beer.

Investor Outlook for Ford Stock

On Wall Street, analysts have rated Ford stock with a Moderate Buy consensus based on five Buys, nine Holds, and one Sell in the last three months. After experiencing a 4.46% increase in share price over the past year, the average price target for F is $12.12 per share, suggesting a potential upside of 7.88%.

See more F analyst ratings

Disclosure

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.