Ford cuts the price of the electric Mustang Mach E by thousands of dollars

Detroit – Ford Motor Once again, it has slashed starting prices for its Mustang Mach-E electric car by thousands of dollars as the automaker ramps up production of the crossover and reopens order banks for the vehicle.

The Detroit automaker said Tuesday it will reduce prices of the Mach-E by a range from $1,000 to $4,000. The cuts will bring the vehicle’s starting price to between $42,995 and $59,995.

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Discounts are the latest price adjustments in the next electric vehicle market Tesla It has lowered prices several times this year, but also slightly raised the prices of some models this week.

Ford recently announced that it would cut prices of the Mach-E from $600 to $5,900 in January, weeks after Tesla announced similar price cuts for cars like its Model Y, which is comparable to the Mach-E.

Automakers are trying to balance growth with profit potential when it comes to electric vehicles — something Wall Street analysts have been watching to better determine company strategies with vehicles.

“I love others [automakers]Adam Jonas, an analyst at Morgan Stanley, said in an investor note last week that Ford must decide what kind of electric vehicle strategy to pursue: rapid growth and burning money or a more focused approach that prioritizes capital discipline.

Tesla CEO Elon Musk said last month that the electric car maker will prioritize growth over profits in a weak economy.

Musk said the company “has taken the view that pushing for bigger volumes and a larger fleet is the right choice here, in exchange for lower volume and higher margin,” but noted that he expects Tesla cars “over time will be able to generate significant profits through autonomy.”

In addition to the price change, Ford said Tuesday that standard-range Mach-E models will now be powered by lithium-iron phosphate batteries instead of lithium-ion. Ford said the vehicles will also add additional horsepower and range.

“Increasing production of the Mustang Mach-E in the second half of this year is part of Ford’s plan to expand the range of electric vehicles and make them more affordable for customers,” Ford said in a statement.

Ford also said Tuesday that the BlueCruise hands-free driver assistance system will be available on all Mustang Mach-E models. A 90-day free trial of the system will be included for new owners. Ford said a three-year BlueCruise subscription would cost $2,100, up from $1,900.