Ford (F) - Get Report on Sunday unveiled its new, all-electric, Mustang Mach-E SUV challenger to Tesla ahead of the 2019 Los Angeles Auto Show. The Mustang design-inspired car is part of Ford's $11.5 billion push to develop electric and hybrid models by 2022 - and to take aim at Tesla.
The Mustang Mach-E GT Performance models will get an estimated 459 horsepower, Ford claims, from two electric motors, one powering the back wheels, the other powering the front. They should be able to go from zero to 60 mph in roughly 3.5 seconds.
Tesla's Model 3 produces 450 horsepower and goes from zero to 60 mph in roughly 4.9 seconds, roughly the same as a Ferrari Testarosa though the slowest model in its lineup.
Meant from the start to be a Tesla challenger, the location of Ford's reveal was an airplane hangar just a short walk from the main offices of Tesla CEO Elon Musk's SpaceX operations in Hawthorne, Calif.
Musk often uses SpaceX facilities to unveil Tesla's new models, and has scheduled the debut of his electric pickup truck for somewhere in Los Angeles on Thursday.
The Mach-E, which will be built in Mexico, will be available next fall, Ford said. The GT Performance Edition will be available in spring 2021. Those in Europe and the U.S. who are interested in buying a Mach-E can make a refundable $500 deposit immediately, however.
For his part, Musk himself gave the Mach E a thumbs up, giving Ford a big congrats on the reveal, and noting that other carmakers will be encouraged to also enter the EV space.
Tesla also got the nod on Monday from Deutsche Bank, which raised its price target on the company to $290 from $260.
Shares of Tesla were down 1.39%, or $4.89 a share, at $347.28 in morning trading Monday, falling 0.49% to $350.45. Shares of Ford, meantime, were down 0.05% to $8.96.