Ford Executive: Why Electric Mustang Mach-E Was 55 Years In the Making

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Ford (F) - Get Report  launched the newest member of the Mustang's family, the Mach-E. 

Joe Hinrichs, Ford's president of automotive, talked to TheStreet about the launch of the Mach-E and how Ford will compete against Tesla.

The all-electric Mustang can get 230 miles to more than 300 miles per charge.

Set to become available in about a year, the new utility Mustang will have a "targeted EPA-estimated range of at least 300 miles," said Ford. The vehicle also will be able to travel about 47 miles with just 10 minutes of charging with a special 150kW "fast" charger, the automaker said.

The base model for the Mustang Mach-E will start at just below $44,000, with the GT performance version starting at around $65,000.

An electric Mustang would be a dramatic departure from the classic car's earlier models that got relatively poor gas mileage. Even the 2019 Ford Shelby GT350 Mustang gets only about 16 MPG in combined city and highway driving using premium gasoline, according to, which said the car would cost drivers an additional $8,250 in gas over five years vs. the average new car.

"Well, it's a battery-electric SUV, so it's much different and we love the sports coupes...but really excited to expand the nameplate, and bring in something new. But also it's still the design cues that people love from Mustang, the front end, and rear end and the fast fun part of it. But now we've got an...electric offering that we can give people and a five-passenger SUV with really good sleek styling," said Hinrich. 

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