Ford's (F) Mustang Mach-E Stole Major Market Share from Tesla (TSLA) in February - Morgan Stanley

Ford's (NYSE: F) Mustang Mach-E stole major EV share from Tesla (NASDAQ: TSLA) in the U.S. in February, notes Morgan Stanley analyst Adam Jonas.

While Battery Electric Vehicle (BEV) sales outgrew the total market by 40%, Tesla's share of the BEV market declined significantly to 69% versus 81% in the prior year. Jonas said the Ford Mustang Mach-E "accounted for nearly 100% of the share loss."

Some other notes on the EV sector, according to Jonas:

• While total industry sales on a selling day adjusted basis was -5.4% y/y, BEV sales came in at +34.1% y/y.
• Tesla nominal sales estimated at +5.4%; Non-Tesla BEV sales +104.9%
• Tesla accounted for 69% of BEV share vs. last year at 81%.
• BEV penetration for the month was 2.6% vs. 1.8% last year. However, BEV sales likely account for a higher percentage of revenue given their higher ASPs.
• Tesla’s 21,550 assumed US sales compared to the rest of the OEM BEV US sales of 9,527 which consists of: Jaguar, BMW, Porsche, Audi, Chevrolet, Hyundai, Kia, VW, Nissan, Volvo, Mini Cooper, Mercedes, Honda, Ford and Fiat. Tesla appears to be outselling the rest of the OEMs in BEVs by ~2.3x.

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