- The Ford Mustang Mach-E was named Sport Utility Vehicle of the Year at the 2021 North American Auto, Truck and Utility Vehicle of the Year award on Monday.
- The win suggests Ford, a newcomer to electric vehicles, may give Tesla a run for the money in the years to come.
- The Hyundai Elantra was awarded Car of the Year and the Ford F-150 was named the best truck ever.
- Visit Business Insider’s homepage for more stories.
The Ford Mustang Mach-E won the top honors at the North American Car, Truck and Utility Vehicle of the Year 2021 (NACTOY) award during Monday’s virtual race.
The Mach-E, Ford̵7;s first electric vehicle, has been named the Utility Vehicle of the Year, indicating that Tesla’s years-long reign as the undisputed EV leader may be imminent and the model car maker. The old Blue Oval might not keep up with it for much longer.
The NACTOY Awards were judged by a panel of 50 automotive journalists who narrowed 43 eligible vehicles to three winners, based on their leadership in innovation, design, safety, driver satisfaction management. And its value, the Hyundai Elantra was awarded Car of the Year, while the jury called it Ford F-150 Pickup Truck of the Year.
Read more: Tesla, GM and Ford all have their own unique strategies for EV success – here’s how they compare.
The winner beat 6 other finalists: Genesis G80, Nissan Sentra, Jeep Gladiator Mojave, Ram 1500 TRX, Genesis GV80 and Land Rover Defender.
But the Mach-E didn’t just impress the press. But it also impressed analysts on Wall Street, who said Ford’s cutting-edge electric crossover could spell bad news to Tesla investors.
A team of JPMorgan analysts have taken the Mach-E for a spin recently, “and walking away in an impressive way”, while the newer cars aren’t necessarily better than the Tesla Model Y, its biggest competitor. But it could help increase Ford’s market value, JPMorgan said in a note to customers.
Read more: Ford’s electric car mastermind explains how his team made the Mustang Mach-E stand out from competitors like Tesla.
Analysts also say that the rise of attractive electric options in the market could affect Tesla’s valuation in three ways: by eating up sales by reducing demand from other automakers for Zero loans. Tesla’s Emission Vehicle and raised doubts about the “The perceived paradigm has changed the nature of Tesla’s automotive and business models and, in turn, the industry’s unique valuations.”
Insider’s Car of the Year is an EV, not Tesla, too.The all-electric Polestar 1 and Polestar 2 hybrid together hold Insider’s highest automotive honor, while the Taycan, a battery-powered super sedan. Porsche’s is runner-up