NEW YORK, Jan 31 — Ford Motor Co yesterday cut prices of its electric crossover SUV Mustang Mach-E by as much as US$5,900 per vehicle, weeks after rival Tesla Inc slashed prices globally on its electric vehicles by as much as 20 per cent.
The move comes as electric vehicle manufacturers are feeling pressure from Tesla’s price cut to respond. The move will make at least one additional version of the Mach-E again eligible for a US$7,500 federal tax credit, which requires the Ford EV to have a suggested retail price of no more than US$55,000 to be eligible.
Ford is cutting prices by up to 8 per cent on various versions of the Mach-E, as well as cutting the price of the extended range battery by about 19 per cent. The lowest-price models are getting smaller US$600 to US$900 price cuts. The Ford price cuts only impact North American prices.