- The Ford Mustang Mach-E was named Commercial Vehicle of the Year by 2021 North American cars, trucks and commercial vehicles this year on Monday.
- The victory suggests that Ford, a relative newcomer to electric vehicles, could give Tesla a run for its money in the years to come.
- Hyundai Elantra won this year’s car and the Ford F-150 was named the best truck.
- Visit the Business Insider website for more stories.
The Ford Mustang Mach-E captured top honors at 2021 North American Car, Truck and Commercial Vehicles of the Year (NACTOY for short) during a virtual event on Monday.
The NACTOY Awards are judged by a panel of 50 car journalists, who limited 43 qualified cars to three winners based on segment leadership, innovation, design, safety, handling, driver satisfaction and value. Hyundai Elantra won this year’s car, while the jury named this year’s Ford F-150 pickup.
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The winners knocked out six other finalists: Genesis G80, Nissan Sentra, Jeep Gladiator Mojave, Ram 1500 TRX, Genesis GV80 and Land Rover Defender.
But Mach-E has not only impressed media members, it has also impressed Wall Street analysts, who say that Ford’s elegant electric crossover can spell bad news for Tesla investors.
A team of JPMorgan analysts took Mach-E for a spin recently, “and went thoroughly impressed.” Although the new car is not necessarily better than the Tesla Model Y – the biggest competitor – it may help increase Ford’s market value, JPMorgan said in a note to customers.
Read more: Ford’s brain from the electric car explains how his team made the Mustang Mach-E stand out from competitors like Tesla
Analysts also said that an increase in the number of attractive electric options on the market could hurt Tesla’s valuation in three ways: by eating into sales, by reducing demand from other automakers for Tesla’s Zero Emission Vehicle credits, and by questioning “perceived paradigm shifts. character of Tesla’s vehicles and business model and in turn its unique appreciation. “
Insider’s Car of the Year was also a non-Tesla EV. Hybrid Polestar 1 and all-electric Polestar 2 together received Insider’s highest car honor, while Porsche’s battery-powered super sedan, Taycan, was number two.