Ford Cuts Mustang Mach-E Prices, Offers 0% Financing

Ford announced significant price reductions for its 2023 Mustang Mach-E electric SUV on Tuesday, aiming to enhance its competitiveness against Tesla and attract budget-conscious consumers.

The price cuts range from $3,100 to $8,100 USD across different models, effective immediately, as per the pricing chart shared with Ford’s dealer network.

To further entice buyers, Ford Credit is offering 0% financing for 72 months for qualified buyers, alongside a $7,500 cash incentive for leased vehicles, which will be applied directly to reduce lease payments, according to Ford spokesman Marty Gunsberg, to the Detroit Free Press.

“We are adjusting pricing as we continue to adapt to the market to achieve the optimal mix of sales growth and customer value,” Gunsberg stated, emphasizing Ford’s commitment to affordability and market adaptation.

The adjustments are also part of Ford’s strategy to clear the path for the upcoming 2024 Mach-E model. The revised prices for the 2023 Mustang Mach-E, which accommodates five passengers, are now set as follows, with the $1,800 delivery and destination fees calculated separately:

  • Select RWD: Reduced by $3,100 to $39,895
  • Select AWD: Reduced by $3,100 to $42,895
  • Premium RWD, standard range: Reduced by $4,100 to $42,895
  • Premium AWD, standard range: Reduced by $4,100 to $45,895
  • Premium RWD, extended range: Reduced by $8,100 to $45,895
  • Premium AWD, extended range: Reduced by $8,100 to $48,895
  • California Route 1 AWD: Reduced by $8,100 to $48,895
  • GT: Reduced by $7,600 to $52,395
  • GT Performance Edition: Reduced by $7,600 to $57,395

The EPA estimates the battery range of these vehicles at 250 to 312 miles per charge, varying by battery pack and other specifications. Gunsberg confirmed that the Mach-E does not qualify for the $7,500 tax credit.

Amid a price war with Tesla, which has also announced temporary price reductions for its Model Y SUV, Ford aims to maintain its competitive edge. The Mustang Mach-E, known for its acceleration from 0 to 60 mph in 6.3 seconds, ranks second to Tesla in U.S. electric vehicle sales. Ford CEO Jim Farley has acknowledged the consumer demand for lower-priced electric vehicles and the necessity for automakers to respond competitively.

Since its launch in December 2020, Ford has sold 108,667 Mach-E SUVs in the U.S. through January 2024, with the last quarter of 2023 marking its best sales quarter. Ford’s strategic price adjustments reflect its commitment to competing in the evolving EV market and its efforts to increase production capacity for the Mach-E at its Mexico plant.