sales fell 20% in the first three months of the year. Last month, the federal EV tax credit for the Mach-E fell by half to $3,750 from $7,500 after new battery sourcing requirements took effect.
"We are not going to price just to gain market share."įarley's stance contrasts with Tesla CEO Elon Musk's statement last month that Tesla could cut profit margins on vehicle sales to zero and make up the difference through sales of software-enabled services.įord shares closed down 2.2% at $11.80 Tuesday and fell 1.5% in after-hours trading after it reported first quarter earnings. The price of the Mach-E Premium rear-wheel drive version is dropping from $50,995 to $46,995.įord CEO Jim Farley told analysts Ford does not intend to pursue EV sales volume "at any cost. Prices for most Mach-E models were cut by $3,000 or $4,000 depending on the version or by as much as 7.8%, Ford said.
#TESLA CROSSOVER SERIES#
automaker said on Tuesday, the second time has reduced prices this year after a series of price cuts by rival Tesla Inc.įord said it is also increasing the range for standard-range battery models as it increases production of the electric crossover SUV in the second half of the year. WASHINGTON (Reuters) -Ford Motor Co is cutting prices on its Mustang Mach-E electric vehicle and reopening orders, the No.
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