Ford Motor Co. on Monday said it would reduce the price of its 2023 Mustang Mach-E crossover by $600 to $5,900, depending on the trim, as it boosts production in hopes of solidifying its status as the nation’s No. 2 electric vehicle maker.
The price cuts come shortly after Tesla Inc., by far the U.S. EV sales leader, announced price cuts of up to $13,000 on its Model Y crossover, igniting a surge in demand.
“We have to compete,” Marin Gjaja, chief customer officer for Ford’s EV unit, told Automotive News this weekend at the NADA Show ahead of Ford’s announcement. “It’s a competitive marketplace, and it just got a lot more competitive because of what Tesla did. We’re not going to cede ground to anyone.”
Ford said it plans to build 130,000 Mach-Es globally this year, 67 percent more than the 77,959 it produced in 2022.
The largest price cut comes on the GT extended-range model, which will be $65,495, down from $71,395 including shipping.
The price of the California Route 1 electric all-wheel drive extended range version are falling by $5,580 to $59,495.
The Premium rear-wheel drive standard range trim is now $52,495 after a $3,980 cut, while the Premium eAWD standard range trim is $55,495 after $3,680 decrease.
The Select RWD standard range price is falling by $900 to $47,495, and the Select eAWD standard range price is dropping $600 to $50,495.
Ford said it’s decreasing the price to upgrade to an extended-range battery by $1,600 to $8,600. Prices for the Nite Pony appearance package and GT performance package are remaining the same.
Ford also said Mach-Es ordered between Jan. 30 and April 3 are eligible for special rates through Ford Credit as low as 5.34 percent.
The automaker said existing Mach-E customers awaiting delivery of their vehicle automatically will receive the adjusted price. It said it would reach out directly to customers who already have a Mach-E they bought this year.
Gjaja told Automotive News the Mach-E is not profitable, although the automaker was greatly benefiting from them by bringing in new customers to the brand and honing its software and battery technology through them.
“Mustang Mach-E is not profitable and it’s not going to be profitable, although by trim series it does vary a little bit,” he said. “We’d like to be more profitable, and we’re working furiously to get the costs out of these vehicles.”
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