Ford cuts electric Mustang Mach-E price by $1,000

Ford Motor is reducing the starting prices of its electric Mustang Mach-E by a range of $1,000 to $4,000, as the automaker plans to increase its EV production, Ford announced on Tuesday.

The reductions, which will make the starting cost of the EV range from $42,995 to $59,995, are the latest price change in the EV market, after Tesla’s latest multiple price reductions just this year.

The Detroit-based automaker had previously announced it was cutting prices of the Mach-E by $600 to $5,900 in January, weeks after Tesla announced similar price cuts for vehicles such as its Model Y, which is comparable to the Mach-E.

“Standard range models of the Mach-E will now be powered by lithium-iron phosphate batteries instead of lithium ion, the vehicles also will add additional horsepower and range,” said Ford in a statement.

The company added that the production increase for Mustang Mach-E in the second half of this year is part of Ford’s plan to scale electric vehicles and make them more accessible and affordable for customers.

Ford’s BlueCruise hands-free driver-assistance system will be available on all Mustang Mach-E models. A 90-day trial of the system will be included for new owners, and a three-year subscription for BlueCruise will cost $2,100, up from $1,900.

Automakers are working on balancing growth and earnings potential of their EVs, which Wall Street analysts have been watching to determine the strategies of companies with the vehicles.