Ford Motor Co. on Monday said it would reduce the price of the 2023 Mustang Mach-E crossover by $600 to $5,900, depending on the trim, as it boosts production in hopes of solidifying its status as the nation's No. 2 electric vehicle maker.
The price cuts come shortly after Tesla Inc., by far the U.S. EV sales leader, announced price cuts of up to $13,000 on the Model Y crossover, igniting a surge in demand.
"We have to compete," Marin Gjaja, chief customer officer for Ford's EV unit, told Automotive News this weekend at the NADA Show in Dallas ahead of Ford's announcement. "It's a competitive marketplace, and it just got a lot more competitive because of what Tesla did. We're not going to cede ground to anyone."
Ford said it plans to build 130,000 Mach-Es globally this year, 67 percent more than the 77,959 it produced in 2022.