Ford announced it is drastically cutting the price of its 2023 Mustang Mach-E electric crossover after sales took a poo in January of this year. All Mach-Es are now between $3,100 and $8,100 cheaper than they were before, and it comes at a time when EV makers around the world are taking battle axes to their vehicles’ prices.
To make the Mustang Mach-E an even stronger deal for buyers, Ford Credit is now offering zero percent financing for 72 months for qualified buyers AND $7,500 cash on the hood for leased vehicles that’ll immediately apply to lower lease payments, according to Reuters. That’s probably there to help with the fact the Mach-E still does not qualify for the $7,500 EV tax credit.
“We are adjusting pricing,” Marty Gunsberg, a Ford spokesperson, told the Detroit Free Press. “As we continue to adapt to the market to achieve the optional mix of sales growth and customer value.”
He added that Ford also wants to clear out 2023 inventory to make room for the still-upcoming 2024 Mach-E. Here’s how the pricing breaks down (not including $1,800 for destination), according to Freep:
Select rear-wheel drive (RWD) drops $3,100 to $39,895
Select all-wheel drive (AWD) drops $3,100 to $42,895
Premium RWD, standard range drops $4,100 to $42,895
Premium AWD, standard range drops $4,100 to $45,895
Premium RWD, extended range drops $8,100 to $45,895
Premium AWD, extended range drops $8,100 to $48,895
California Route 1 AWD, drops $8,100 to $48,895
GT drops $7,600 to $52,395
GT Performance Edition drops $7,600 to $57,395
The spokesperson went on to tell Freep that the Mach-E Premium has been the brand’s top seller, and it is also the trim level with the most current availability.
Since its launch back in December 2020, Ford has moved 108,667 Mustang Mach-E’s through January of this year, Freep reports. Unfortunately, that January was really rough for the electric crossover. Ford sold just 1,295 units in the first month of the year. However, during the final quarter of 2023, the Mach-E saw its best sales period since it was introduced – selling nearly 12,000 vehicles.
Here’s how Ford and the Mach-E stack up in the ongoing price war with the electric crossover’s closest rival, the Tesla Model Y, according to Freep:
Tesla, which is the top electric vehicle seller in the U.S., posted on its corporate website that prices of the Model Y SUV are reduced through the end of February and will increase by $1,000 or more on March 1.
The Mach-E, which goes 0 to 60 mph in 6.3 seconds, is second to Tesla in U.S. electric vehicle sales.
Ford CEO Jim Farley has been saying that consumers want electric vehicle prices to come down, and automakers must respond in a competitive market. Meanwhile, Ford is currently developing a smaller, more affordable electric vehicle that hasn’t been assigned a launch date yet.