Posted 55 days ago
Jan 30 (Reuters) - Ford Motor Co (F. N) on Monday cut prices of its electric crossover SUV Mustang Mach-E by as much as $5,900 per vehicle, weeks after rival Tesla Inc (TSLA.O) slashed prices globally on its electric vehicles by as much as 20%.
Shares of Ford were down 1.5% in early trading. Tesla was flat.
The move comes as electric vehicle manufacturers are feeling pressure from Tesla's price cut to respond.
"Ford just cut Mustang EV prices in response to Tesla’s price cut. Mini price war about to begin with EVs in the US with Tesla’s shot across the bow on price cuts," said Dan Ives, an analyst at Wedbush Securities, on Twitter.
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.... (Read more)