Ford CEO Jim Farley reveals why 2024 Mustang is staying gas-powered

Ford CEO Jim Farley reveals why 2024 Mustang is staying gas-powered

Ford Chair Bill Ford and President and CEO Jim Farley converse in entrance of recently revealed Mustang Dark Horse at The Stampede in downtown Detroit on Sept. 14, 2022.


DETROIT – Ford Motor CEO Jim Farley was in his aspect Wednesday night, surrounded by gearheads and the automaker’s new 2024 Mustang versions, such as a surprise new superior-functionality variation called the “Dark Horse.”

There was no converse of electric powered cars or sustainability during the unveiling for the Detroit automobile display. Just revving engines and the screeching of tires, to the applause of hundreds of Mustang entrepreneurs in attendance.

relevant investing news

Disney CEO wants to add sports betting to ESPN — a move we've long called for

CNBC Investing Club
Disney CEO wants to insert sporting activities betting to ESPN — a move we have very long identified as for

The scene unfolded in stark distinction to other latest functions for Farley and Ford, which have touted electrification and environmentally friendly goals. That’s because inspite of the EV changeover, Mustang is sticking with gas-run engines for the seventh-era automobile in 2024.

That might occur as a shock, supplied Ford’s programs to spend $50 billion in new electrical motor vehicles in the decades ahead, as properly as expected options for the Dodge Challenger and Chevrolet Camaro — the Mustang’s biggest rivals — to go electric powered.

So why did Ford adhere with fuel engines for the new automobile? Farley said, essentially, mainly because it could … and because it tends to make good organization feeling for the foreseeable future.

Sole survivor?

The Ford Mustang could be in a section all by by itself in the coming years, forcing these who continue to thirst for an American coupe muscle mass auto to arrive to the manufacturer. That consists of non-U.S. buyers, who stand for about 20% of Mustang’s sales.

“Men and women are leaving the section, like Dodge, so we have a chance to seriously current some thing new about Mustang,” Farley mentioned subsequent the 2024 Mustang debut. “This is heading to give us a major gain because a whole lot of individuals still adore this kind of car or truck.”

2024 Ford Mustang Dark Horse

Supply: Ford

Although the American muscle automobile phase has dwindled from what it at the time was, there is continue to desire for the automobiles, which also can draw in attention and new clients for their respective brands.

As Ford invests in EVs, Farley says the automaker will go on to commit in its classic business enterprise. It truly is aspect of the CEO’s new approach to mature revenue across its regular corporations, EVs and professional autos.

Farley and Ford Chair Bill Ford declined to say whether or not the seventh-era Mustang is predicted to be the previous gasoline-run version of the car.

“If people don’t want them any longer, it’ll go away, but I personally consider men and women are going to want this automobile for fairly some time,” Ford claimed, including “that day will arrive with a tear in my eye.”


U.S. President Joe Biden stands up coming to a Ford Mustang Mach-E (electric) SUV during a check out to the Detroit Auto Present, to spotlight electric auto manufacturing in The usa, in Detroit, Michigan, September 14, 2022.

Kevin Lamarque | Reuters

Dodge has stated such emissions restrictions are amid the good reasons it really is ending creation of its gasoline-powered Charger and Challenger at the conclusion of next 12 months. Chevrolet is envisioned to conclude production of the gas-run Chevy Camaro in the coming decades as aspect of Normal Motors’ plans to completely give EVs by 2035.

A spokesperson for Dodge, a division of Stellantis, said in announcing electrical muscle vehicles, the corporation is “celebrating the end of an period — and the commence of a vivid new electrified foreseeable future.”

A spokesperson for Chevrolet explained the corporation would not comment on future generation, but added, “Camaro proceeds to enjoy an important function in Chevrolet’s functionality vehicle lineup and continues to be a auto in higher desire which our clients like.”

Ford’s major crosstown rival, GM, which is in the method of sunsetting its fuel-run products and solutions, is aiming to better contend in opposition to Tesla, the EV revenue leader.

Farley, in the meantime, said he wants to expand its classic company via “opiniated products and solutions” that draw discussion and consideration like the 2024 Mustang, together with the new “Dark Horse” variant.

“I experienced a shirt at the seller display that mentioned ‘Ford vs. Anyone.’ Which is type of our frame of mind,” Farley mentioned. “We want to be a darkish horse. We’re a dim horse against Tesla in the EV company. We want to deliver a new video game.”

Dodge to discontinue gas-powered muscle cars next year