Ford Slashes Prices on Mustang Mach-E by Up to $8,100 as EV Demand Cools and Competition Heats Up
• Ford is cutting prices on its 2023 Mustang Mach-E electric SUV by up to $8,100 as demand softens for premium EVs.
• Total EV market share has grown to 8% in the U.S., but the consumer base has shifted from early adopters to early majority, who are less willing to pay a premium.
• Mach-E sales fell 51% in January 2023 versus January 2022. Overall U.S. EV sales were down 11%.
• Price cuts come after Mach-E lost a $3,750 tax credit. Ford is also offering 0% financing for 72 months and a $7,500 lease cash incentive.
• Automakers like Ford aim to compete with Tesla amid softening demand for premium EVs. Tesla cut prices significantly in 2022-2023 to pump up sales volumes.