Ford to ramp up its Mustang Mach-E output

The company’s first mainstream all-electric vehicle is expected to reach more than 200,000 units per year for North America and Europe by 2023, Farley said, tripling its current rate.

“The Mach-E has the driving dynamics and design to push new buyers past mere acceptance of EVs to excitement,” Car and Driver’s Eric Tingwall wrote in an article about the award.

Ford said it will utilize its entire Cuautitlán plant, just north of Mexico City, for production. The company is working with key suppliers to increase capacity of Mustang Mach-E, including battery cells, battery trays and electric drive systems, it added.

In September, Ford and South Korea-based energy company SK Innovations announced they were investing $11.4 billion to build two new enormous manufacturing campuses for electric vehicles. Ford’s said its investment of $7 billion was the largest-ever single manufacturing investment in the company’s 118-year history.

The Mustang Mach-E, which went on sale last year, sold 24,791 units as of November. Sales in November were up 8.4 percent compared to October.

“On the strength of Mustang Mach-E, Ford delivered record electrified vehicle sales, growing more than three times faster than the overall segment,” Andrew Frick, vice president of Sales U.S. and Canada, said in a statement.

As more cars enter the electric vehicle market, Tesla is starting to lose its market share — and the Mach-E appears to be the beneficiary.

The company said in March that 70% of the Mach-E buyers were new to Ford.

“The goal is to become the clear No. 2 electric vehicle maker in North America within the next couple of years,” according to a statement from Said Deep, head of North America product communications for Ford.

CNN’s Peter Valdes-Dapena and Chris Isidore contributed to this report.