Interest in Ford Motor Company’s (NYSE:F) Mustang has been declining in the United States, but the same can’t be said for the iconic muscle car when it comes to overseas markets. Ford has been pleasantly surprised with how well the Mustang has been moving overseas.
Bloomberg shares the details on Ford’s surprising success.
It took 50 years and more than 9 million Mustang sales before Ford Motor Co. decided its beloved, blue-collar icon was mature enough for a grand tour of Europe and the rest of the world. The strategy’s success suggests the company should have shipped them sooner.
Near the end of 2015, the latest version of the famous car rolled into 140 countries. Decked out for its 50th anniversary with a major update in design and engineering, the Mustang was met with a rush of orders from fans who had been waiting decades to get one. By 2017, Mustang sales were swooning in the U.S. as the new model’s novelty faded, but foreign buyers proved more faithful, fueling a steady stream of orders to the plant in Flat Rock, Michigan, where the Mustang is made.
All told, Ford reports that interest in the Mustang from overseas has been double what the company initially anticipated. As a result, the company plans to offer the Mustang for sale in Brazil and five other countries in the near future.
“It’s still a very, very niche vehicle, but people see it and they want to buy it. It’s a heart-and-soul thing,” notes Ian Fletcher, a London-based auto analyst for IHS Markit.
Ford Motor Company shares were trading at $10.96 per share on Tuesday morning, up $0.15 (+1.39%). Year-to-date, F has declined -10.09%, versus a 4.96% rise in the benchmark S&P 500 index during the same period.