DETROIT—If you’ve been hoping to snag one of Ford’s new electric Mustangs, here’s some good news: The price is dropping to beat its main competitor, and there are new slots on the waiting list to get one.
TL;DR: Ford is cutting prices on the Mustang Mach E electric SUV, bringing many versions below the cost of its main competitor, the Tesla Model Y. The Michigan auto maker is also reopening the order bank for the Mach E, after upgrading a factory to increase output.
On Tuesday, the automotive company Tesla raised prices by $250 on their Model Y SUV and the Model 3 small sedan, its two top-selling vehicles.
In contrast, Ford cut $3,000 from the standard range base versions of the Mach E, with the rear-wheel-drive version falling to $42,995 and the all-wheel-drive model going to $45,995. Ford also cut $4,000 off prices of the premium standard-range versions, with rear-wheel-drive dropping to $46,995 and all-wheel-drive going to $49,995.
The price of the GT all-wheel-drive extended range version also fell by $4,000, to $59,995.
Tesla’s Model Y dual motor now starts at $47,240, while the Y Long Range is up to to $50,240, and the Y Performance version starts at $54,240. All have all-wheel-drive.
However, there’s a catch: Ford’s Mach E only is eligible for a $3,750 US federal tax credit this year, while the two top-selling Tesla models are eligible for $7,500.
In March, Ford announced that it would increase Mach E production to an annual rate of 210,000 by year’s end. On Wednesday, the company said plant upgrades in Cuautitlan, Mexico had been finished and would support a production ramp-up in the second half of the year, reducing customer wait times and using lower costs to cut prices.
Tesla has cut US prices four times this year, raising concern among investors about the company’s profit margins. In April it raised prices of its two older and more expensive models, the S and X.
Head over to the Ford website to learn more about the Mach E.
‘Gander Editorial Director Lisa Hayes contributed to this report.
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