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Ford Motor Company is lowering the prices of its Mustang Mach-E electric vehicles, just weeks after Tesla announced price cuts for its EVs. While the automaker is trimming the prices, it is increasing the production of its electric car models.
Ford Motor revealed its plan to cut the prices of its Mustang Mach-E on Monday, Jan. 30. The amount of price cuts will depend on the car model.
As per CNBC, the amount of reductions may go from $600 up to $5,900. Apparently, there is a huge difference when compared with Tesla as it is offering bigger cuts of up to $13,000 on its Model Y electric vehicle. Elon Musk’s EV firm announced the lower prices in January, a decision that was applauded by both investors and analysts on Wall Street.
It was said that Tesla lowered the prices of its Model Y to attract more buyers. It is hoped that the move will help increase demand and sales. In the case of Ford Motor, the company’s chief customer officer, Marin Gjaja, said that their Mustang Mach-E production is expected to go up from 78,000 units to 130,000 per year through the price cut strategy.
“We are responding to changes in the marketplace,” he said during a press conference while referring to Tesla’s price cuts and federal incentives for EVs. “As we look and want to stay competitive in the marketplace, we are having to respond.”
The starting price of Ford Motor’s Mustang Mach-E will now range from $46,000 to $64,000. This model unit pushed the company to become the second-bestselling EV producer in the U.S. last year.
Meanwhile, all customers who have ordered the Mustang Mach-E and waiting for the delivery of their vehicle will automatically get the new lower price. For those who have purchased the model after Jan. 1 and already received their unit, they can contact Ford Motor to avail of any “private offer.”
