The new hotness that was EVs has seemed to start cooling off. Models that once had buyers beating down the door of the dealership have now seen sales numbers slide and discounts rise, just as inventories for many models have started to climb. And while this isn’t something that’s specific to just one automaker, some automakers are worse off than others with some models. Take Ford: Business Insider reports that the automaker has Mustang Mach-Es piling up on dealer lots.
A quick new car search shows that there are over 9,000 brand new Ford Mustang Mach-Es for sale across the country. While that’s a good thing for prospective buyers who have been dealing with inventory shortages the last couple of years, that’s all changed now. Buyers aren’t showing up. Data from analytics firm Cloud Theory shows that in Q2, 2022 Mustang Mach-Es had turn rates — a fancy term that just means how quickly a vehicle goes from in the dealers inventory to being sold — within 30 days that sat at over 86 percent. By the same time in 2023, that number had dropped nearly 59 percent. This can be backed up by both dealer listings Ford sales stats as well.
Out of the 9,092 Mustang Mach-Es for sale across the country as of this writing, 61.5 percent (5,596) of those had been sitting for over 30 days. Mach-E sales were down 21 percent in Q2 of 2023 compared to the same time in 2022. But speaking to Insider, Ford’s head of U.S. sales analysis paints a more positive picture.
…EV sales were up nearly 12% through June. He also said the unsold Mach-E inventory wasn’t just sitting on dealer lots because it spent more time in transit. About 52% of undelivered Mach-Es are still in transit, he said.
Ford’s problems aren’t just with the Mach-E, though. Take Lightning orders, which one dealer that spoke anonymously to Insider says aren’t being filled:
But one Ford dealer in the Midwest, who also spoke to Insider on the condition of anonymity, says many Lightning orders are still sitting uncompleted in the bank for extended periods of time. That leaves order holders plenty of time to pick up a different EV before their Lightning finally arrives.
Another dealer on the East Coast said that Ford may have been overly confident with just how well its EVs would do, saying that “Ford’s current production rate was out of step with customer demand. I think Ford’s got a real problem on their hands based on the bets they’ve made. I have Lightnings in stock and Mach-Es in stock. We’ve never had that before.”
The company has already admitted that it can’t keep up with the demand of the Maverick, a vehicle that buyers actually want. With billions invested in its EV future, Ford may have to take a step back to wait and see if buyers will show up for these once hot EVs.