The Ford Mustang Mach-E is unveiled at the New York International Auto Show on April 5, 2023 in Manhattan, New York City.
David Dee Delgado | Reuters
DETROIT- Ford engine is again slashing entry prices of its electric Mustang Mach-E by thousands of dollars as the automaker ramps up production of the crossover and reopens order banks for the vehicle.
The Detroit automaker said Tuesday it would drop prices on the Mach-E by $1,000 to $4,000. The cuts will drop the vehicle’s starting price between $42,995 and $59,995.
The reductions follow recent price adjustments in the electric vehicle market Tesla cut prices several times this year, but this week also raise prices slightly for some models.
Ford last announced it would cut prices for the Mach-E by $600 to $5,900 in January, weeks after Tesla announced similar price cuts for vehicles like the Mach-E-like Model Y.
Automakers are trying to balance growth and losses/gains when it comes to electric vehicles — something Wall Street analysts have been watching to better guide the company’s strategies with vehicles.
“Like others [automakers]Ford must decide what type of EV strategy to pursue: grow fast and burn money, or take a more focused approach that prioritizes capital discipline,” Adam Jonas, an analyst at Morgan Stanley, said in an investor note last week.
Tesla CEO Elon Musk said last month the company will prioritize growth over profits in a weak economy.
Musk said the company “believes that the pursuit of higher volumes and a larger fleet is the right choice here, as opposed to lower volume and higher margin,” but noted that he expects Tesla vehicles “Able to generate significant gains over time through autonomy.”
In addition to the price change, Ford said Tuesday that standard-range Mach-E models will now be powered by lithium-iron phosphate batteries instead of lithium-ion. The vehicles will also add additional horsepower and range, Ford said.
“Increasing production of the Mustang Mach-E in the second half of this year is part of Ford’s plan to scale electric vehicles and make them more accessible and affordable for customers,” Ford said in a press release.
Ford also said Tuesday that its hands-free BlueCruise driver-assistance system will be available on all Mustang Mach-E models. A free 90-day trial of the system is included for new owners. Ford said a three-year subscription to BlueCruise will cost $2,100, up from $1,900.