Ford to Cut Prices, Boost Production of EV Mustang Mach-E
January 30 2023 - 9:23AM
Dow Jones News
By Will Feuer
Ford Motor Co. said it is ramping up production and cutting
prices of its electric Mustang Mach-E crossover, a move that comes
weeks after Tesla Inc. slashed prices on a number of its
models.
Dearborn, Mich.-based Ford said its supply chain for its new
electric vehicles is coming online and it is seizing on streamlined
costs to lower prices. Ford also said the price cuts are a part of
the company's plan to keep the vehicle competitive in a "rapidly
changing market."
Ford's price cuts range from $600 to $5,900, depending on the
model.
"We are not going to cede ground to anyone," Chief Customer
Officer of Ford's electric vehicle business Marin Gjaja said. He
added that the company is keeping its pricing competitive and
reducing customer wait times.
Shares of the automaker fell more than 2%, to $12.95, in the
premarket session.
The move comes after Tesla recently cut prices for some of its
vehicles sold in the U.S. by nearly 20%, aiming to lure new buyers.
Chief Executive Elon Musk suggested last week that the price cuts
have fueled a surge in orders.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 30, 2023 09:08 ET (14:08 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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