Ford Motor Co F has reportedly significantly reduced the prices of its 2023 Mustang Mach-E in Canada, amid increased competition from Tesla Inc‘s Model Y and other electric SUV options.
What Happened: The price cuts range from C$5,000 ($3,709) to C$13,000 ($9,644), Drive Tesla reported. The reductions are across most 2023 Mach-E models, with the GT Performance Edition Extended Range seeing the most cut.
These price adjustments make the Mustang Mach-E a more competitive option in the EV market. Additionally, all Mach-E models now qualify for a federal rebate of C$5,000, the report noted.
Ford did not immediately respond to Benzinga‘s request for comment.
Why It Matters: The Mustang Mach-E is Ford’s sole electric SUV, in the same category as Tesla’s best-selling Model Y which starts in Canada at C$53,990 ($40,053). With the new price cut, the Mach-E Select RWD Standard Range starts at C$51,995 ($38,573), below the Model Y.
Model Y was the best-selling vehicle across the globe last year with over 1.2 million units of them sold. Tesla has also been cutting prices on the Model Y in the geography, making it start at the same price as its cheapest offering- the Model 3 sedan.
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