Ford has just announced massive cuts to the price of the 2023 Mustang Mach-E EV. The crossover will see prices drop as much as $8,500 effective immediately, along with increased production to help meet demand.
The automaker says that the changes are due to "its new EV supply chain coming online." Ford can now "significantly" increase the rate of production for the Mach-E electric vehicle to help reduce wait times and catch up with orders. Ford says that its more streamlined supply chain is cutting costs, leading to the large price cuts.
Ford CEO Jim Farley tweeted this morning that the target for Mach-E production this year was 130,000 vehicles, up from 78,000 last year.
“We are not going to cede ground to anyone. We are producing more EVs to reduce customer wait times, offering competitive pricing, and working to create an ownership experience that is second to none,” said Marin Gjaja, Chief Customer Officer, Ford Model E. “Our customers are at the centre of everything we do – as we continue to build thrilling and exciting electric vehicles, we will continue to push the boundaries to make EVs more accessible for everybody.”
Ford is cutting prices starting with the Premium RWD Standard Range model. The price of that model with 397 km of range is down $7,000 from $71,995 to $64,995. The 498-km Extended Range variant sees its price cut the same, now starting at $77,995.
The biggest price cut is for the Premium AWD models, both of which drop $8,500 to start at $67,245 for the Standard Range model and $80,245 for the Extended Range version.
Surprisingly, the base Mach-E Select trim does not benefit from the price cuts. That model starts from $56,995.
Ford's price changes should help more buyers qualify for federal zero-emissions vehicle incentives as well. That program caps the MSRP of an SUV at $70,000, so at least two trims should meet the criteria that didn't previously.
The automaker said that all customers who have ordered but have not received their Mustang Mach-E will get the new prices automatically. Plus Ford will reach out to anyone who has their sale date after Jan. 1 2023 and has already taken delivery with "a private offer."