Photo by Robin Mathlener on Unsplash
Ford Slashes Prices on 2023 Mustang Mach-E to Challenge Tesla
February 20, 2024
In a bid to compete with Tesla and attract budget-conscious buyers, Ford Motor Co. has significantly reduced the prices of its electric 2023 Mustang Mach-E SUV. Effective immediately, prices have been slashed by $3,100 to $8,100 across different models. Additionally, Ford Credit is offering 0% financing for 72 months to qualified buyers, along with a $7,500 cash incentive on leased vehicles.
Ford spokesperson Marty Gunsberg stated that these pricing adjustments are part of the company’s efforts to adapt to market demands and enhance customer value while aiming for sales growth. The move also aims to clear the way for the upcoming 2024 Mach-E.
Here’s the breakdown of the new prices for the 2023 Mustang Mach-E:
- Select rear-wheel drive (RWD): $39,895
- Select all-wheel drive (AWD): $42,895
- Premium RWD, standard range: $42,895
- Premium AWD, standard range: $45,895
- Premium RWD, extended range: $45,895
- Premium AWD, extended range: $48,895
- California Route 1 AWD: $48,895
- GT: $52,395
- GT Performance Edition: $57,395
Note that delivery and destination fees of $1,800 are calculated separately. The Mach-E offers a battery range of 250 to 312 miles per charge, as per EPA estimates.
Despite being a direct competitor to Tesla’s Model Y, the Mach-E does not qualify for the $7,500 tax credit. However, the Mach-E Premium variant has been the top seller and currently has the most availability.
Ford’s move comes amidst a price war with Tesla, which recently announced reduced prices for the Model Y SUV through the end of February. Both automakers are striving for dominance in the electric vehicle market, despite facing profit losses.
Ford CEO Jim Farley has emphasized the necessity of lowering electric vehicle prices in response to consumer demand and market competition. Meanwhile, Ford is also working on developing a smaller, more affordable electric vehicle, with no confirmed launch date yet.
Since its launch in December 2020, Ford has sold 108,667 Mach-E SUVs in the U.S. The model witnessed its best sales quarter in the last three months of 2023, with nearly 12,000 vehicles sold.
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