Ford cuts Mach-E EV prices by thousands as sales plunge

Ford minimize Mustang Mach-E costs by as much as $8,100 after gross sales of the electrical SUV reportedly fell by greater than 50% in January.

The automaker has lowered costs on a number of 2023 Mustang Mach-E fashions, lowering the bottom worth by $3,100 to $41,695 with the obligatory $1,800 vacation spot cost. The largest low cost is obtainable on a number of different variations of the Mach-E, together with the Premium grade with the Prolonged Vary battery pack, which now begins at $47,696 with vacation spot.

“The Mustang Mach-E is America’s No.2 EV SUV in 2023 and Ford is America’s No.2 EV model,” Ford famous, in an announcement supplied to Inexperienced Automotive Stories. “We’re adjusting pricing for MY23 fashions as we proceed to adapt to the market to realize the optimum mixture of gross sales development and buyer worth.” 

Ford confirmed the 2023 model-year reductions beneath, and famous that these worth adjustments do not apply to the 2024 Mustang Mach-E variations arriving quickly—together with the brand new Mustang Mach-E Rally model and an updated Mach-E GT.

Worth reductions on 2023 Ford Mustang Mach-E – Feb 20, 2024

Ford EV gross sales fell 11% in January, Bloomberg experiences, and the Mach-E misplaced eligibility for the federal EV tax credit score (beforehand $3,750 for this mannequin) initially of the month. Ford delivered simply 1,295 Mach-E SUVs within the U.S. in January, Reuters reported.

It is not only a U.S. problem: Ford has additionally reducing Mach-E costs in Canada, Drive Tesla reported.

2023 Ford Mustang Mach-E

2023 Ford Mustang Mach-E

Mach-E gross sales have been initially fairly sturdy, with Ford reaching a production milestone of 150,000 units by late 2022. Ford additionally hiked costs on the Mach-E that yr, but undid some of that in 2023.

Ford famous to Inexperienced Automotive Stories that it additionally lowered costs for the F-150 Lightning electrical pickup, albeit otherwise. Within the type of retail bonus money, it is providing $7,500 off XLT Prolonged Vary, $5,000 off Lariat Customary and Prolonged Vary, and $12,500 off Platinum variations of the Lightning.

2024 Ford F-150 Lightning Flash

A leasing incentive of as much as $7,500 now additionally applies to each fashions—relying, for the Lightning, on the trim stage. 

Ford is not simply tinkering with pricing. CEO Jim Farley has stated that Ford plans to “reengineer” the Mach-E incrementally—so the mannequin you get this yr could also be fairly improved versus final yr.

Simply earlier this month Farley stated that Ford seeks smaller, lower-cost EVs to rival the upcoming reasonably priced Tesla in addition to EVs from China. As laid out by the corporate’s Mannequin E announcement two years in the past, that is on the way in which with a platform for reasonably priced EVs. However within the meantime, Farley has stated hybrids will play an “increasingly important role” alongside EVs. 

With further reporting by Bengt Halvorson