On Monday, Ford cut prices for the 2023 Mustang Mach-E and ramped up production of the electric crossover SUV.
Prices have come down across the board, although some versions get bigger discounts than others. The base Standard Range rear-wheel-drive Select model received a $900 cut to $47,495, including the mandatory $1,500 destination fee. With all-wheel drive, the price cut is just $600, bringing the MSRP to $50,495.
Higher-end models get much bigger price cuts. The base price of the California Route 1 with 4WD and the Extended Range Battery Pack decreases by $5,580 to $59,495, depending on destination, while the Premium Standard Range now starts at $52,495 with rear-wheel drive and $55,495 with 4WD, representing cuts from $3,980 and .$3,680. Ford also reduced the price of the Extended Range battery by $1,600 to $7,000.
2023 Ford Mustang Mach-E
The all-wheel-drive Mach-E GT Extended Range gets the biggest price cut at $5,900, bringing the base price down to $65,495. However, the price of the GT Performance Package remains unchanged at $6,000, as does the $800 price of the Nite Pony Appearance Package.
Existing customers awaiting delivery of a vehicle will automatically receive the lower price, and Ford will directly approach customers with a sell-by date after January 1, 2023 who already have their cars, the automaker said in a press release.
Notably, despite Ford’s marketing of the Mach-E as a crossover SUV, the structured price cuts bring the Standard Range Mustang Mach-E below the latest federal EV tax credit limits of $55,000 for passenger vehicles. The extended range models will continue to be deducted from the tax credits.
Ford is also ramping up production of the Mach-E. The automaker built 78,000 of the electric crossovers in 2022 but is targeting 130,000 units by 2023, a spokesman told Motor Authority.
2023 Ford Mustang Mach-E
Increased production and lower prices will be made possible by a strengthened electric vehicle supply chain, the Ford press release said. Ford and other automakers have blamed supply chain issues for a string of EV price hikes in 2022. Multiple price increases for the F-150 Lightning resulted in the pickup’s base price in December 2022 being 38.9% higher than when it was launched.
Now there are some signs that EV price hikes are slowing down. Earlier this month, Tesla cut prices across its lineup, helping offset a series of price hikes by the automaker in 2022.