Recently, a few weeks after Tesla cut prices, Ford also announced that it would cut the price of its electric Mustang Mach-E by an average of $4,500. After U.S. stocks opened, Ford Motor's stock price fell nearly 2%.
At the same time, the new energy vehicle sector of U.S. stocks fell across the board, with Lucid Group falling nearly 7%, Li Auto and Xpeng Motors falling about 6%, NIO falling more than 4%, and Tesla falling more than 2%.
Ford said it hopes to offset further deterioration in profit margins by increasing production by 67% this year. The lowest-priced Mach-E now starts at $45,995, down $900, while the biggest drop is the GT extended-range version, which starts at $63,995, down $5,900.
Marin Gjaja, chief customer officer of Ford's electric vehicle business, said that Mach-E production this year will increase from 78,000 units last year to 130,000 units. The Mach-E factory in Cuautitlan, Mexico, is currently idle and will come back online in February after restructuring to expand production capacity.
Last year, the Mach-E made Ford the second-highest selling manufacturer of electric vehicles in the United States, but it was still far behind Tesla. Ford sold more than 65,000 electric vehicles in the United States last year, while Tesla sold more than 522,000 electric vehicles in the United States in 2022.
In addition to the adjusted price, orders for the Mach-E between January 30 and April 3 will be eligible for credit offers from Ford, with interest rates as low as 5.34%, the company added.
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Editor: Zhang Ziji