As Ford (f) – Get Ford Motor Company Report said “it didn’t take long for the Mustang Mach-E to make a mark,” the legendary automaker wasn’t joking.
In fact, the all-electric 2022 classic car model made such an impression that it’s no longer available for retail.
“Due to high demand, the current model year is no longer available for retail ordering,” reads a statement on Ford’s Mach-e page. “Limited inventory may be available at select dealers. Contact your dealer for more information dealer.”
Adding to the high demand, Ford, like almost every other company in the world, has been plagued by supply chain problems and the ongoing semiconductor shortages that forced the vehicle maker to halt production at plants in Michigan, Illinois and Mexico earlier this year.
A poster on twitter said the Mach-E sell-off is “great news for Teslas (TSLA) – Request the Tesla Inc Report Model Y.'”
“That $TSLA Bubble will end once chip supplies normalize,” another person said answered. “Ford’s Mach E will have triple the capacity and other new models will come out. The fact that Mach E is sold out shows that there is a high demand for it in the US.”
Ford stopped taking orders for the Mach-E Premium and California Route 1 models last month.
Ford recently increased prices in the UK for the Mustang Mach-E due to increased material and energy costs. The vehicle is priced at approximately $61,990, approximately $7,800 from the original introductory price of $53,900.
The war in Ukraine has also led to a shortage of certain raw materials.
‘It’s time’
The company, led by Chief Executive Jim Farley, has pledged to build two million electric vehicles annually by 2026.
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Ford shipped fewer than 7,000 electric vehicles to the U.S. in the first quarter, mostly the Ford Mustang Mach-E SUV.
But Farley tweeted about the start of production and delivery of the long-awaited F-150 Lightning electric pickup on April 26.
The Mustang Mach-E is manufactured at a Ford Motor plant in Cuautitlán, Mexico. Ford plans to increase production there to 200,000 units per year by 2023.
The company also planned to produce other electric vehicles in the same factory, such as the electric versions of the Ford Explorer and Lincoln Aviator.
The Mustang, which celebrated its 58th birthday on April 17, made its debut at the 1964 New York World’s Fair when it was unveiled by Henry Ford II.
‘pony car’
Named after a World War II fighter plane, the Mustang was the first type of vehicle to be known as the “pony car,” and Ford sold more than 400,000 Mustangs in its first year of production.
Interest in electric vehicles in general has surged 70% since January as fuel prices have soared, according to a report by auto industry analytics firm Recurrent.
The report also found that people looking to buy electric vehicles were struggling to do so due to inventory issues, supply chain issues and price increases of 25% year-over-year.
But as electric vehicles have become more popular, they’ve also gotten more expensive, Recurrent said, with prices up 25% year over year.
Demand for electric vehicles is so high that owners who choose to sell have recouped almost all of their original purchase price, the report says.