Ford cut Mustang Mach-E prices by up to $8,100 after sales of the electric SUV reportedly fell by more than 50% in January.
The automaker has lowered prices on multiple 2023 Mustang Mach-E models, reducing the base price by $3,100 to $41,695 with the mandatory $1,800 destination charge. The biggest discount is offered on several other versions of the Mach-E, including the Premium grade with the Extended Range battery pack, which now starts at $47,696 with destination.
« The Mustang Mach-E is America’s No.2 EV SUV in 2023 and Ford is America’s No.2 EV brand, » Ford noted, in a statement provided to Green Car Reports. « We are adjusting pricing for MY23 models as we continue to adapt to the market to achieve the optimal mix of sales growth and customer value. »
Ford confirmed the 2023 model-year reductions below, and noted that these price changes don’t apply to the 2024 Mustang Mach-E versions arriving soon—including the new Mustang Mach-E Rally version and an updated Mach-E GT.
Price reductions on 2023 Ford Mustang Mach-E – Feb 20, 2024
Ford EV sales fell 11% in January, Bloomberg reports, and the Mach-E lost eligibility for the federal EV tax credit (previously $3,750 for this model) at the beginning of the month. Ford delivered just 1,295 Mach-E SUVs in the U.S. in January, Reuters reported.
It’s not just a U.S. issue: Ford has also cutting Mach-E prices in Canada, Drive Tesla reported.
2023 Ford Mustang Mach-E
2023 Ford Mustang Mach-E
Mach-E sales were initially quite strong, with Ford reaching a production milestone of 150,000 units by late 2022. Ford also hiked prices on the Mach-E that year, but undid some of that in 2023.
Ford noted to Green Car Reports that it also reduced prices for the F-150 Lightning electric pickup, albeit in a different way. In the form of retail bonus cash, it’s offering $7,500 off XLT Extended Range, $5,000 off Lariat Standard and Extended Range, and $12,500 off Platinum versions of the Lightning.
2024 Ford F-150 Lightning Flash
A leasing incentive of up to $7,500 now also applies to both models—depending, for the Lightning, on the trim level.
Ford isn’t just tinkering with pricing. CEO Jim Farley has said that Ford plans to « reengineer » the Mach-E incrementally—so the model you get this year may be quite improved versus last year.
Just earlier this month Farley said that Ford seeks smaller, lower-cost EVs to rival the upcoming affordable Tesla as well as EVs from China. As laid out by the company’s Model E announcement two years ago, that’s on the way with a platform for affordable EVs. But in the meantime, Farley has said hybrids will play an « increasingly important role » alongside EVs.
With additional reporting by Bengt Halvorson
