Why Ford is keeping its Mustang gas-powered as part of its electric vehicle push - CNBC

DETROIT – Ford Motor CEO Jim Farley was in his element Wednesday night, surrounded by gearheads and the automaker's new 2024 Mustang models, including a surprise new high-performance version called the "Dark Horse.".

That's because despite the EV transition, Mustang is sticking with gas-powered engines for the seventh-generation vehicle in 2024?

"People are leaving the segment, like Dodge, so we have a chance to really present something new about Mustang," Farley said following the 2024 Mustang debut.

Farley and Ford Chair Bill Ford declined to say whether the seventh-generation Mustang is expected to be the last gas-powered version of the car.

Farley said a big reason Ford is continuing with gas-powered Mustangs is, ironically, the success of the Mustang Mach-E, an all-electric crossover that first went on sale in late 2020 and has actually outsold the gas-powered version during some months.

The Mach-E, which shares little to nothing with the gas-powered Mustang other than a name, has led Ford to become the second bestselling brand of EVs in the country.

"The Mustang Mach-E, in a way, created, allowed this car to happen," Farley said.