Ford Motor Co on Monday cut prices of its electric crossover SUV Mustang Mach-E by as much as US$5,900 per vehicle, weeks after rival Tesla Inc slashed prices globally on its electric vehicles by as much as 20 per cent.
The move comes as electric vehicle manufacturers are feeling pressure from Tesla's price cut to respond.
The move will make at least one version of the Mach-E again eligible for the $7,500 tax credit, which requires the Ford EV to have a suggested retail price of no more than $55,000 to be eligible. "Tesla's price cut was a major blow to the prospects of competing EV models and the Mustang Mach-E directly competes with Tesla's Model Y," said Garrett Nelson, an analyst at CFRA Research.
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