Ford has announced that it will reduce the cost of its Mustang Mach-E by a range of $1,000 to $4,000. The reductions will result in the vehicle’s starting price falling between $42,995 and $59,995.
According to CNBC, the reductions represent the most recent price adjustments to the EV sector after many price changes for Tesla vehicles this year.
The Detroit automaker announced on Tuesday that the price cuts are the most recent in a series of price reductions in the market for electric vehicles after multiple price cuts by Tesla this year as well as modest price increase on a few models this week.
Ford last reduced the price of the Mach-E by $600 to $5,900 in January, weeks after Tesla did the same for cars like its Model Y, which is similar to Mach-E.
The CEO of Tesla, Elon Musk, declared last month that in a struggling economy, the company will put expansion above profits.
Although Musk noted that the company has “taken a view that pushing for higher volumes and a larger fleet is the right choice here, versus a lower volume and higher margin,” he added that he anticipates Tesla vehicles “over time will be able to generate significant profit through autonomy.”
Ford, therefore, announced on Tuesday that regular-range Mach-E cars will now use lithium-iron phosphate batteries rather than lithium-ion batteries in addition to the pricing rise. According to Ford, the cars will also have more power and range.
“The Mustang Mach-E production increase in the second half of this year is part of Ford’s plan to scale electric vehicles and make them more accessible and affordable for customers,” Ford said in a statement.
