Ford Motor Co on Monday cut prices of its electric crossover SUV Mustang Mach-E by as much as $5,900 per vehicle, weeks after rival Tesla Inc slashed prices globally on its electric vehicles by as much as 20%.
Shares of Ford were down 1.5% in early trading. Tesla was flat.
"Ford just cut Mustang EV prices in response to Tesla’s price cut. Mini price war about to begin with EVs in the US with Tesla’s shot across the bow on price cuts," said Dan Ives, an analyst at Wedbush Securities, on Twitter. Ford had already planned to increase Mach-E production this year to 130,000 vehicles from 78,000 in 2022, and said in November it was accelerating Mustang Mach-E production and targeting global annual production rate of 270,000 by the end of 2023. Ford builds the Mach-E in Mexico and China.
Ford is cutting prices by up to 8% on various versions of the Mach-E, as well as cutting the price of the extended range battery by about 19%. The lowest-price models are getting smaller $600 to $900 price cuts.
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