Ford Motors Co. F could be late to the Chinese electric vehicle party but it is going all out to make an impact in the world's largest EV market.
What Happened: Ford announced that the first customers who sign a purchase contract for its Mustang Mach-E in China by Dec. 31 will receive its Co-Pilot 360 driving assistance package for free, the CnEVPost reported.
The software package is reportedly worth 15,000 yuan ($2,346).
This is an aggressive marketing tactic compared to its earlier stance of allowing the first customers to use the package for free for 90 days.
The company is also doling out other incentives, including an eight-year or 16,000-kilometer vehicle warranty, free home charging piles and installation services, the report said.
Related Link: Ford Stock Continues To Rise And Hasn't Shown A Sign Of Slowing Yet
Why It's Important: The Ford Mach-E is a battery EV compact crossover SUV introduced in November 2019. It went on sale in December 2020 as a 2021 model. The EV is considered a competitor to market leader Tesla, Inc.'s TSLA Model Y.
Ford unveiled the Mustang Mach-E in China in April, with a list price of 265,000 yuan to 379,000 yuan. The vehicle is produced in China by Ford's Chinese JV, the Changan Ford. The first China-made Mustang Mach-E rolled off the production line in mid-October, with deliveries likely to begin by the end of the year.
In October, Ford sold 2,484 Mustang Mach-Es, up 76.9% month-over-month.
Ford shares were up 1.5% at $19.62 midday Thursday.
Related Link: Why Is This Ford Analyst Downgrading The Stock?
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