Ford Mustang Mach-E sales bounce back, becoming 2nd best-selling EV SUV behind Tesla’s Model Y
Sales of Ford’s Mustang Mach-E bounced back in August, rising 61% from last year. The Mach-E became the second-best-selling electric SUV in the US, behind Tesla’s Model Y.
Although Mach-E sales fell over 20% in the first half of the year as Ford retooled its plant in Mexico, where the electric SUV is built, they are on the rise again.
Ford announced the plant upgrades last year, revealing it would result in downtime. Andrew Frick, VP of sales distribution, said in June, “Improved Mustang Mach E inventory flow began to hit at the end of Q2 following the retooling of our plant earlier this year.”
Frick also announced that the changes “helped Mustang Mach-E sales climb 110% in June” despite a slow start to the year.
Production has picked up all year with 0 Mach-E’s being built in January, 300 in February, 7,381 in March, 11,858 in April, 13,639 in May, and another 13,000 in June.
Despite reports claiming that a rising number of EVs are sitting on dealership lots, Ford Model e’s vice president of electric vehicle programs, Darren Palmer, insisted “We’re just loading up dealers.”
Ford Mach-E becomes 2nd best-selling electric SUV
So far, the move seems to be working out as Mach-E sales climbed 61.3% YOY in August to 5,033 units. To put this into persepective, Ford sold a total of 8,633 Mach-E’s between April and June.
With sales climbing, Ford’s Mustang Mach-E became the second best-selling electric SUV in the US behind Tesla’s Model Y.
The news comes shorty after Ford began offering new lease and retail offers on the Mach-E last month. Ford promoted a retail offer for 1.9% APR for 60 months through Ford Credit financing, plus an extra $3,000 bonus cash incentive on 2023 Mach-E and GT models.
As for leasing, Ford offers include $408 per month for 36 months through Ford Credit Red Carpet Lease with $5,188 due at signing. The offer varies based on location and run through October 2.
| 2023 Mustang Mach-E trim | Starting Price | Range (mi) |
| Select | $42,995 | 250 |
| Premium | $46,995 | 250 |
| California Route 1 | $56,995 | 312 |
| GT | $59,995 | 270 |
Ford’s electric van, the E-Transit, had a record month in August with 889 units sold – up 120% for the month.
Meanwhile, sales of Ford’s electric pickup, the F-150 Lightning slipped 57% YOY in August. Ford tells Electrek that “F-150 Lightning production is starting to ramp after a six-week shutdown to expand the Rouge Electric Vehicle Center with limited deliveries across July and August.”
The American automaker says its Rouge EV facility is on now on track to triple its production capacity as it targets a 150,000 run rate by this fall.
With more production capacity, Ford will be able to increase deliveries of high demand trims like the XLT and Pro, which are now available for retail customers in limited numbers. Ford says new trim levels will join the lineup soon.
The impact of the capacity changes at its Rouge plant are expected to begin appearing in the company’s fourth quarter earnings.
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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