Ford reduces EV costs in response to Tesla price cuts
Ford has announced a price reduction for its Mustang Mach-E electric SUV models. The GT extended-range model will be the most affordable, priced at $65,495 (down from $71,395 with delivery). The California Route 1 electric all-wheel drive extended range model will also be reduced by $5,580, to $59,495.
The Premium rear-wheel drive standard range trim has been reduced by $3,980 to $52,495, while the Premium eAWD standard range trim has been reduced by $3,680 to $55,495. The standard range price of the Select RWD has been reduced by $900 to $47,495 and the standard range price of the Select eAWD has been reduced by $600 to $50,495.
The cost of upgrading to an extended-range battery has also been reduced by $1,600 to $8,600, while the prices of the Nite Pony appearance package and GT performance package remain unchanged.
In addition, Mach-Es ordered between January 30 and April 3 will be eligible for special financing rates as low as 5.34% through Ford Credit. Current Mach-E customers who are waiting for their vehicles to be delivered will immediately get the amended pricing, and Ford will contact customers who have already purchased a Mach-E this year.
According to Ford CFO John Gjaja, the Mach-E is not yet profitable, but the carmaker is reaping major benefits from attracting new consumers and upgrading its software and battery technologies through the vehicle. The company is attempting to reduce costs in order to increase profitability.