Ford Motor Co on Monday slashed prices for its Mustang Mach-E electric SUV by as much as $5,900 per vehicle, weeks after rival Tesla cut prices for its electric vehicles by as much as 20% globally.
Ford also said it was “significantly” increasing Mach-E production. Ford sold 39,458 Mach-Es in the United States last year, up from 27,140 in 2021.
Ford is cutting prices by as much as 8% on various versions of the Mach-E, and lowering prices for the extended-range battery by about 19 percent. Lower-priced models will see cuts of between $600 and $900.
Ford CEO Jim Farleysaid on Twitter: “The increase will shorten customer wait times. And with increased production, we are reducing costs, allowing us to share these savings with customers.”
Ford said existing Mustang Mach-E customers awaiting delivery of the vehicles will automatically receive the price cut.
“Ford just cut prices for the Mustang EV in response to Tesla’s price cut. A mini EV price war is about to start in America with Tesla’s price cut,” said Dan Ives, an analyst at Wedbush Securities, on Twitter.
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