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Ford to lower cost of the Mustang Mach-E, following Tesla’s lead

Weeks after rival Tesla Inc slashed prices on its electric vehicles globally by as much as 20%, Ford Motor Co on Monday reduced prices of its electric crossover SUV Mustang Mach-E by as much as $5,900 per vehicle.


Ford’s stock fell 2.9% in above-average trading to close at $12.89. Tesla dropped 6.3%.


As a result of Tesla’s price cut, electric vehicle manufacturers are under pressure to act.


‘Ford just reduced the cost of the Mustang EV in response to Tesla’s price reduction. With Tesla’s shot across the bow on price cuts, a mini price war with EVs in the US is about to begin,’ said Wedbush Securities analyst Dan Ives on Twitter.


The change will reinstate eligibility for a $7,500 federal tax credit for at least one additional version of the Mach-E. To qualify, the Ford EV must have a suggested retail price of no more than $55,000.


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