Shares of Ford Motor (NYSE: F) were trading higher on Monday after the company revealed a new plug-in hybrid version of its Escape SUV that outperforms a key competitor to Toyota (NYSE: TM).
Starting at 2:22 p.m. EDT, Ford’s shares rose 2.4% from Friday’s closing price.
Ford said its new Plug-In Hybrid Escape (PHEV) will have an EPA-estimated electrical fuel economy rating of 100 MPGe and a starting price of $ 34,285. Both figures were better than the figures for the SUV’s likely main rival, the upcoming PHEV Toyota RAV4 Prime, which will have an estimated 94 MPGe and a starting price of just over $ 39,000.
However, the RAV4 Prime is not far behind. It will have a slightly more electric range than the Escape (42 miles vs. 37 miles) and more power, with a whopping (anyway by compact SUV standards) 302 horsepower to the Escape’s more pedestrian 209.
But we must keep in mind that those differences reflect different manufacturers’ options, not a significant technology gap in any direction. To take investors: The new PHEV Escape should find plenty of interested buyers when it hits dealers later this year.
The Escape PHEV is just one of many new vehicles that Ford plans to launch in the coming quarters. Later this month, at an event expected by automotive investors, Ford will unveil the new F-150 2021 pickup, followed by a new Bronco SUV in early July.