Tesla (NASDAQ: TSLA) stock’s meteoric rise has seen its market cap balloon to almost three times that of its fellow US automaker, Ford (NYSE: F).
Elon Musk has the upper hand, but a recent Twitter study suggests Ford isn’t going down without a fight.
The forthcoming Mustang Mach-E is holding its own against Tesla’s Model Y in the battle of the EV SUV crossovers.
The Model Y was announced to great fanfare last year, as Elon Musk unfurled the final car in his S3XY lineup. The Y seeks to penetrate the extremely lucrative compact SUV market, bringing the usual Tesla flare and clean lines (Cybertruck excluded).
Ford hopes to compete by leveraging the cult-like following that’s fiercely loyal to its iconic Mustang line.
Among the Tesla family, the Model Y looks to be the most vulnerable to competitors, primarily because it so closely resembles the Model 3.
Every other product looks unique and independent. The Y is merely a fatter version of the company’s most affordable car – it brings little extra to the table. It feels like a corporate decision to tap a profitable sector, which is a starkly conformist departure from Musk’s brand.
It doesn’t even bring anything to the lineup’s name. It’s not like S3X would have been any less edgy.
Ford’s strong following seems to help it fare surprisingly well against Tesla’s giant fan-club.
As this analysis of Twitter data indicates, Musk is still struggling to win over the Ford strongholds in the South and Midwest:
Throw into the mix that Ford has an electric F-150 in the pipeline, and the interest in Ford EV’s could get even more intense.
Launched in 1948, the F-150 is the most popular vehicle of all time, having led all automobile sales in the US for decades.
If Ford has a trump card to reinvigorate the company and spark aggressive growth, it’s electrifying its most popular truck. It’s a strategy that could pay off handsomely – if it works. But if the prototype’s million-pound towing test was any indication, Ford is on the right track.
The Model Y might sell fine, but it isn’t dominating the popular imagination the way we’re used to seeing from Tesla.
If you want to compete with Elon Musk, you have to be at the top of your game. With the Mach-E and the electric F-150, Ford appears to be off to a good start.
Last modified: January 22, 2020 11:38 PM UTC