Ford Motor Co. announced on Monday that it would be reducing the price of its 2023 Mustang Mach-E crossover by up to $5,900, depending on the trim. This move comes in response to Tesla Inc.’s recent price cuts of up to $13,000 on its Model Y crossover, which has caused a surge in demand. Ford hopes that this price reduction will help solidify its status as the nation’s No. 2 electric vehicle maker.
The largest price cut comes on the GT extended-range model, which will be $65,495, down from $71,395 including shipping. The California Route 1 electric all-wheel drive extended range version will see a decrease of $5,580 to $59,495, while the Premium rear-wheel drive standard range trim is now $52,495 after a $3,980 cut, and the Premium eAWD standard range trim is $55,495 after a $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 is also decreasing the price to upgrade to an extended-range battery by $1,600 to $8,600.
In order to make the Mach-E more competitive, Ford plans to significantly increase its production this year, with a projected 130,000 vehicles being built globally. This is an increase of 67 percent from the 77,959 it produced in 2022. Ford is also offering special financing rates through Ford Credit as low as 5.34 percent for Mach-Es ordered between Jan. 30 and April 3.
Marin Gjaja, chief customer officer for Ford’s EV unit, stated that the Mach-E is not currently profitable, although the automaker is benefiting from the influx of new customers and the honing of its software and battery technology. Ford is hoping to increase its profitability by reducing costs associated with the vehicle.
The Mustang Mach-E is a great option for anyone looking for an electric vehicle that offers a great mix of style, performance, and affordability. With the price cuts, Ford is hoping to make the Mach-E more competitive and help it become the No. 2 electric vehicle maker in the US. With its increased production, special financing rates, and reduced prices, the Mustang Mach-E is sure to be a hit with consumers.
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