Ford Motor Company F confirmed a significant price cut for its Mustang Mach-E SUV, just as rival Tesla Inc TSLA increased prices in the highly competitive electric vehicle market.
The news comes as Ford is set to reopen Mach-E orders following a major factory overhaul in Mexico, aimed at boosting production and cost containment.
The automaker has reduced the price of:
- The Mach-E standard range by $3,000 to $42,995
- California Route 1 by $1,000 to $56,995
- The Premium standard range by $4,000 to $46,995
- And the GT extended range by $4,000 to $59,995.
In contrast, Tesla raised its Model Y prices by $250, with the standard model now at $47,240, the Long Range at $50,240, and the Performance at $54,240.
Ford also increased the EPA-estimated range for standard battery models of 250 miles for rear-wheel drive and 226 miles for all-wheel drive trims. All standard range models will now be powered by lithium iron phosphate batteries, similar to the Rear Wheel Drive Tesla Model 3.
The Mustang Mach-E is eligible for potential Inflation Reduction Act federal tax credits in 2023 of $3,750, compared to the Model Y's $7,500 tax credit. As the EV market continues to expand rapidly, Ford's price cuts and improved performance specs signal a growing rivalry with Tesla.
Photo courtesy of Ford
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