When Ford (F) – Get Ford Motor Company Report said “it didn’t take long for the Mustang Mach-E to make a mark” the iconic automaker wasn’t kidding.
In fact, the 2022 all-electric model of the classic car has made such a mark that it is no longer available for retail order.
“Due to high demand, the current model year is no longer available for retail order,” according to a notice on Ford’s Mach-e page. “Limited inventory may be available at selected dealers. Contact your dealer for more information.”
In addition to high demand, Ford, like just about every other company on earth, has been hit with supply chain headaches and the ongoing semiconductor shortage that forced the vehicle maker earlier this year to suspend production at plants in Michigan, Illinois and Mexico .
one-poster on Twitter said the Mach-E sellout “is great news for Tesla’s (TSLA) – Get Tesla Inc Report Model Y.'”
“Tea $TSLA bubble ends once chip supplies normalize,” another person responded. “Ford’s Mach E will have triple the capacity and other new models will hit the market. Mach E being sold out shows that there’s a lot of demand for it in the US.”
Ford stopped taking orders for the Mach-E Premium and California Route 1 models last month.
Ford recently raises prices in the UK for the Mustang Mach-E due to increased material and energy costs. The vehicle is going for about $61,990, roughly $7,800 from the original launch price of $53,900.
The war in Ukraine has also sparked a shortage of certain raw materials.
The company, run by Chief Executive Jim Farley, has promised to build two million EVs annually by 2026.
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Ford delivered fewer than 7,000 electric vehicles in the US in the first quarter, mainly the Ford Mustang Mach-E SUV.
However, Farley tweeted about the start of production and deliveries of the long-awaited F-150 Lightning electric pickup on April 26.
The Mustang Mach-E is produced at a Ford Motor plant located in Cuautitlán, Mexico. Ford hopes to increase production there to 200,000 units a year by 2023.
The company was also planning to produce other electric vehicles at the same factory, such as the electric versions of the Ford Explorer and the Lincoln Aviator.
The Mustang, which marked its 58th birthday on April 17, made its debut at the New York World’s Fair in 1964 when it was unveiled by Henry Ford II.
Named for a World War II fighter plane, the Mustang was the first type of vehicle to be known as a “pony car” and Ford sold more than 400,000 Mustangs within its first year of production.
Interest in electric vehicles in general has soared 70% since January as fuel prices have skyrocketed, according to a report by the auto industry analysis company Recurrent.
The report also found that people who wanted to buy EVs have been having a difficult time doing so because of inventory issues, supply chain problems and price increases of 25% from a year ago.
But at electric vehicles become more popular, they have also become more expensive, Recurrent said, with prices jumping 25% year-over-year.
Demand for EVs is so high that owners who decide to sell have recouped almost all of their original purchase price, the report found.