Ford Motor Co. said Monday that it would be “significantly increasing” production of its Mustang Mach-E in 2023 as the company progresses with its electric-vehicle supply efforts and looks to cut back on customer wait times.
The carmaker’s “new EV supply chain” is “coming online,” Ford
F,
+2.71%
disclosed in a Monday morning press release, and accordingly, the company sees opportunities to lower prices “across the board.”
Ford noted in a table that the price of the Select Rear-Wheel-Drive model with standard range would go down by $900 to $45,995 in one example of the pricing changes. The price of the GT Extended Range model is dropping by $5,900 to $63,995, in another example.
In reducing prices, Ford expects its efforts will make the vehicle “even more accessible to customers” and “competitive in the marketplace.” The company is aiming to position the Mustang Mach-E “as a compelling option for those looking for an electric SUV,” according to the release.
Tesla Inc.
TSLA,
+11.00%
disclosed earlier in January that it was cutting prices on several models of its own electric vehicles.
See more: Tesla shares under pressure after EV maker slashes prices of Model 3 and Y cars in the U.S.
Ford said that two-thirds of customers for the vehicle are coming to Ford from competing brands. The car was the “No. 3 EV model in the U.S. in 2022,” per Ford’s release.
Shares of Ford are off 2.6% in premarket trading Monday.
Read: Tesla stock has fallen enough to start buying, Berenberg says
