Ford on Tuesday said it had cut prices on its Mustang Mach-E electric SUV by up to $8,100 (R152,914) after sales fell sharply in January.
The No 2 US carmaker's lowest-price 2023 model year Mach E version has a suggested retail price of $39,895 (R753,146), down from $42,995. The higher-end Mach-E GT spec will cost about $7,600 less, at $52,395. Other versions including the extended-range premium version will drop in price by $8,100to $48,895.
Ford said the price cuts come as the carmaker continues “to adapt to the market to achieve the optimal mix of sales growth and customer value.”
The Dearborn, Michigan-based carmaker said US sales of the Mach-E fell by 51% in January to 1,295.
The Mach-E lost eligibility for a $3,750 tax credit on January 1 after new US treasury department battery sourcing requirements aimed at weaning the electric vehicle supply chain away from China took effect. Many other models also lost tax credits.
Last week, treasury told Reuters it has reimbursed car dealers for about $135m in advance point-of-sale consumer EV tax credit payments since the start of the year through February 6. The internal revenue service has received more than 25,000 time of sale reports, including more than 19,500 with advance payment requests.
Tesla's Model Y crossover, which competes with the Mach-E, starts at $42,990 before federal tax credits of $7,500.
The Elon Musk-led EV maker sparked a price war early last year in a bid to spur demand and grab more market share.
Ford and other legacy carmakers have slowed their EV push to instead focus on higher-margin hybrid and petrol-powered models.
Ford said in January it would reduce production of its F-150 Lightning pickup truck, cutting production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.
Ford slashes prices of electric Mustang Mach-E by up to $8,100
Image: Supplied
Ford on Tuesday said it had cut prices on its Mustang Mach-E electric SUV by up to $8,100 (R152,914) after sales fell sharply in January.
The No 2 US carmaker's lowest-price 2023 model year Mach E version has a suggested retail price of $39,895 (R753,146), down from $42,995. The higher-end Mach-E GT spec will cost about $7,600 less, at $52,395. Other versions including the extended-range premium version will drop in price by $8,100to $48,895.
Ford said the price cuts come as the carmaker continues “to adapt to the market to achieve the optimal mix of sales growth and customer value.”
The Dearborn, Michigan-based carmaker said US sales of the Mach-E fell by 51% in January to 1,295.
The Mach-E lost eligibility for a $3,750 tax credit on January 1 after new US treasury department battery sourcing requirements aimed at weaning the electric vehicle supply chain away from China took effect. Many other models also lost tax credits.
Last week, treasury told Reuters it has reimbursed car dealers for about $135m in advance point-of-sale consumer EV tax credit payments since the start of the year through February 6. The internal revenue service has received more than 25,000 time of sale reports, including more than 19,500 with advance payment requests.
Tesla's Model Y crossover, which competes with the Mach-E, starts at $42,990 before federal tax credits of $7,500.
The Elon Musk-led EV maker sparked a price war early last year in a bid to spur demand and grab more market share.
Ford and other legacy carmakers have slowed their EV push to instead focus on higher-margin hybrid and petrol-powered models.
Ford said in January it would reduce production of its F-150 Lightning pickup truck, cutting production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.
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