DETROIT – Ford Motor CEO Jim Farley was in his aspect Wednesday night time, surrounded by gearheads and the automaker’s new 2024 Mustang fashions, together with a shock new high-performance model referred to as the “Darkish Horse.”

There was no speak of electrical automobiles or sustainability through the unveiling for the Detroit auto present. Simply revving engines and the screeching of tires, to the applause of a whole lot of Mustang house owners in attendance.

The scene unfolded in stark distinction to different latest occasions for Farley and Ford, which have touted electrification and inexperienced targets. That is as a result of regardless of the EV transition, Mustang is sticking with gas-powered engines for the seventh-generation car in 2024.

That will come as a shock, given Ford’s plans to speculate $50 billion in new electrical automobiles within the years forward, in addition to anticipated plans for the Dodge Challenger and Chevrolet Camaro — the Mustang’s largest rivals — to go electrical.

So why did Ford keep on with fuel engines for the brand new car? Farley mentioned, primarily, as a result of it might … and since it makes good enterprise sense for the foreseeable future.

The Ford Mustang might be in a section all by itself within the coming years, forcing those that nonetheless thirst for an American coupe muscle automobile to come back to the model. That features non-U.S. prospects, who signify about 20% of Mustang’s gross sales.

“Individuals are leaving the section, like Dodge, so we’ve an opportunity to essentially current one thing new about Mustang,” Farley mentioned following the 2024 Mustang debut. “That is going to provide us a giant benefit as a result of lots of people nonetheless love this type of automobile.”

Whereas the American muscle automobile section has dwindled from what it as soon as was, there’s nonetheless demand for the automobiles, which can also appeal to consideration and new prospects for his or her respective manufacturers.

As Ford invests in EVs, Farley says the automaker will proceed to spend money on its conventional enterprise. It is a part of the CEO’s new plan to develop gross sales throughout its conventional companies, EVs and business automobiles.

Farley and Ford Chair Invoice Ford declined to say whether or not the seventh-generation Mustang is anticipated to be the final gas-powered model of the automobile.

“If individuals don’t desire them anymore, it’s going to go away, however I personally imagine persons are going to need this car for fairly a while,” Ford mentioned, including “that day will include a tear in my eye.”

Farley mentioned a giant cause Ford is continuous with gas-powered Mustangs is, sarcastically, the success of the Mustang Mach-E, an all-electric crossover that first went on sale in late 2020 and has really outsold the gas-powered model throughout some months.

The Mach-E, which shares little to nothing with the gas-powered Mustang aside from a reputation, has led Ford to grow to be the second bestselling model of EVs within the nation.

That EV success has given the automaker extra flexibility to hold ahead with gas-powered fashions, in contrast with rival automakers who must chase electrical car gross sales and regulatory emission credit awarded for them.

Carmakers are required to have a certain quantity of regulatory credit annually. If an organization cannot meet the goal, it might probably purchase the credit from different corporations, resembling Tesla, which have extra credit.

“The Mustang Mach-E, in a method, created, allowed this automobile to occur,” Farley mentioned. “Rivals are shopping for credit for emissions, and so they cannot come out with this type of car.”

Dodge has mentioned such emissions laws are among the many causes it is ending manufacturing of its gas-powered Charger and Challenger on the finish of subsequent yr. Chevrolet is anticipated to finish manufacturing of the gas-powered Chevy Camaro within the coming years as a part of Common Motors’ plans to completely supply EVs by 2035.

A spokesperson for Dodge, a division of Stellantis, mentioned in saying electrical muscle vehicles, the corporate is “celebrating the top of an period — and the beginning of a shiny new electrified future.”

A spokesperson for Chevrolet mentioned the corporate would not touch upon future manufacturing, however added, “Camaro continues to play an essential function in Chevrolet’s efficiency automobile lineup and stays a car in excessive demand which our prospects love.”

Ford’s largest crosstown rival, GM, which is within the technique of sunsetting its gas-powered merchandise, is aiming to raised compete towards Tesla, the EV gross sales chief.

Farley, in the meantime, mentioned he needs to develop its conventional enterprise via “opiniated merchandise” that draw debate and a focus just like the 2024 Mustang, together with the brand new “Darkish Horse” variant.

“I had a shirt on the vendor present that mentioned ‘Ford vs. Everybody.’ That is sort of our angle,” Farley mentioned. “We wish to be a darkish horse. We’re a darkish horse towards Tesla within the EV enterprise. We wish to carry a brand new recreation.”