Ford Joins the Electric Vehicle Price Battle, Challenging Tesla's Dominance

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.