Ford follows Tesla with price cuts on Mustang EV
STORY: A mini price war has broken out between Tesla and Ford.
Ford on Monday cut the cost of its electric crossover SUV, called the Mustang Mach-E, by as much as $5900 – just weeks after rival Tesla slashed prices on its electric vehicles by as much as 20%.
Ford’s move will make at least one version of its electric Mustang SUV again eligible for a $7,500 tax credit, which requires the Mach-E to have a suggested retail price of no more than $55,000.
Ford had already planned to increase production this year of the Mach-E to 130,000 vehicles – up from 78,000 in 2022.
The automaker said back in November that it was targeting a global annual production rate of 270,000 by the end of 2023. Ford builds the Mach-E in Mexico and China.
The price cuts from Ford and Tesla underscore the intensifying competition in the electric vehicle market... the fastest growing segment of the auto industry.
Both Tesla and Ford shares were down in early trading.
