Ford to cut Mustang Mach-E prices as price war with Tesla ‘intensifies’


Ford Motor Co. said Monday that it would be “significantly increasing” production of its Mustang Mach-E in 2023 as the company continues its efforts to improve supply of its electric-vehicles and cut back on customer wait times.

The carmaker’s “new EV supply chain” is “coming online,” Ford

announced in a Monday morning press release, and accordingly, the company sees opportunities to lower prices “across the board.”

Ford noted in a table that the price of the Select rear-wheel-drive model with standard range would drop by $900 to $45,995 in one example of the pricing changes. The price of the GT extended-range model is dropping by $5,900 to $63,995.

In reducing prices, Ford expects its efforts will make the vehicle “even more accessible to customers” and “competitive in the marketplace.” The company is aiming to position the Mustang Mach-E “as a compelling option for those looking for an electric SUV,” according to the release.

Tesla Inc.

disclosed earlier in January that it was cutting prices on several models of its own electric vehicles.

Alexander Shaer, an automotive and industrial specialist with the Jefferies sales team, wrote in a Monday note to clients that the “big price cuts” from Ford come as the price war with Tesla “intensifies.”

“We are not going to cede ground to anyone,” Marin Gjaja, the chief customer officer for Ford’s Model e business unit, said in the release.

Shaer added that “[e]lasticity of demand appears to be working.”

Read more: Tesla shares under pressure after EV maker slashes prices of Model 3 and Y cars in the U.S.

Ford said that two-thirds of the customers for the vehicle are coming to Ford from competing brands. The car was the “No. 3 EV model in the U.S. in 2022,” according to Ford’s release.

Shares of Ford are off 2.6% in premarket trading Monday.

Also read: Tesla stock has fallen enough to start buying, Berenberg says


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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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