- The Ford Mustang Mach-E was named Utility Vehicle of the Year at the 2021 North American Car, Truck and Utility Vehicle of the Year Awards on Monday.
- This win shows that relatively speaking, Ford, a newbie in electric vehicles, may be able to win money for Tesla in the next few years.
- Hyundai Elantra won the car of the year, and the Ford F-150 was named the best truck.
- Visit Business Insider’s homepage for more stories.
Ford Mustang Mach-E received the highest honor of the 2021 North American Car, Truck and Utility Vehicle of the Year (NACTOY) award at a virtual event on Monday.
Ford’s first electric car, the Mach-E, won the title of utility vehicle of the year, indicating that Tesla’s years of reign as the undisputed leader of electric vehicles may be about to come to an end, and traditions like Blue Oval Automakers may not catch up for much longer.
The NACTOY Awards were selected by a jury consisting of 50 automotive journalists, who narrowed 43 qualified vehicles to three winners based on market segment leadership, innovation, design, safety, handling, driver satisfaction and value. Hyundai Elantra won the car of the year award, and the jury named it the Ford F-1
read more: Tesla, General Motors and Ford have their own unique strategies for successful electric vehicles-here is how they compare
The winner defeated six other finalists: Genesis G80, Nissan Sentra, Jeep Gladiator Mojave, Ram 1500 TRX, Genesis GV80 and Land Rover Defender.
However, Mach-E not only left a deep impression on members of the media, it also surprised Wall Street analysts, who said that Ford’s stylish electric crossover technology could bring bad news to Tesla investors.
The JPMorgan analyst team recently tried Mach-E and “leaved a deep impression.” JPMorgan Chase said in a report to customers that although the new car is not necessarily better than its biggest rival, the Tesla Model Y, it can help increase Ford’s market value.
read more: Ford’s electric car planner explains how his team made the Mustang Mach-E stand out from competitors such as Tesla
Analysts also said that the increase in the number of attractive electric options on the market could hurt Tesla’s valuation in three ways: eating up its sales and reducing other automakers’ demand for Tesla’s zero-emission vehicle credits. , And doubts about Tesla’s zero-emission vehicles. “The perception model has changed the nature of Tesla’s cars and business model, which in turn changed the unique valuation of its industry.”
The Insider Car of the Year is also a non-Tesla electric car. The hybrid Polestar 1 and the all-electric Polestar 2 jointly won Insider’s highest car honor, while Porsche’s battery-powered super sedan, the Taycan, finished runner-up.