Ford Mustang Mach-E unveiled at the New York International Auto Show on April 5, 2023 in Manhattan, New York City.
David Di Delgado | Reuters
Detroit– Ford It again slashed thousands of dollars off the starting price of its electric Mustang Mach-E, as the automaker ramps up production of the crossover and reopens the vehicle’s order bank.
The Detroit automaker said Tuesday it would cut the price of the Mach-E by $1,000 to $4,000. The price cut will bring the vehicle’s starting price down to between $42,995 and $59,995.
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The price reduction follows the latest price adjustment in the electric vehicle market tesla Prices have been cut many times this year, and some models have also raised prices slightly this week.
Ford last announced a $600 price cut on the Mach-E to $5,900 in January, a few weeks after Tesla announced similar price cuts on vehicles like the Mach-E equivalent, the Model Y.
Automakers are trying to balance growth and profit potential in electric vehicles — something Wall Street analysts have been watching to better define companies’ auto strategies.
Morgan Stanley analyst Adam Jonas said in an investor note last week: “Like other (automakers), Ford has to decide what kind of electric vehicle strategy to pursue: to grow rapidly and burn cash, or to pursue A more focused approach that prioritizes capital discipline.”
Tesla Chief Executive Elon Musk said last month that the electric carmaker would prioritize growth over profits amid a weakening economy.
Musk said the company “believes it’s the right thing to do to drive higher sales and a bigger fleet, rather than lower sales and higher profits,” but noted that he expects Tesla’s vehicles “to grow over time.” The passage of time will be able to generate considerable profits through autonomy.”
In addition to the price changes, Ford said on Tuesday that the standard range of Mach-E models will now be powered by lithium iron phosphate batteries instead of lithium-ion batteries. The vehicles will also add extra horsepower and range, Ford said.
“The increased production of the Mustang Mach-E in the second half of this year is part of Ford’s plan to scale up and make electric vehicles more accessible and affordable to customers,” Ford said. said in a press release.
Ford also said Tuesday that its BlueCruise hands-free driver assistance system will be available on all Mustang Mach-E models. New owners can try the system for free for 90 days. A three-year subscription to BlueCruise will rise from $1,900 to $2,100, Ford said.