Ford Joins the Electric Vehicle Price Battle, Challenging Tesla’s Dominance
The competition in the electric vehicle (EV) market is intensifying as automakers race to offer the most affordable, high-quality EVs to consumers. Ford Motor Company has just made a move to increase its competitiveness by lowering the prices of its flagship EV, the Mustang Mach-E. The decision was made as the automaker is ramping up production of the car, with a target of 130,000 units to be manufactured in 2023, up from 78,000 units in 2022.
Ford CEO Jim Farley made the announcement on Twitter in response to a query, stating that the increased production will shorten customer wait times and reduce costs, which will allow Ford to pass on these savings to its customers. The Mach-E is set to receive a board-wide price cut, with the extended-range GT model receiving an 8.4% discount, or a decrease of $5,900, bringing the price down to $63,995. The price of the extended-range battery is also set to decline by 18.6% to $7,000.