For the second time this year, Ford Motor Co. is reducing the price of the Mustang Mach-E by as much as 7 percent as it seeks to boost production and challenge Tesla Inc. for electric vehicle sales leadership.
The latest price reductions — ranging from $700 to $3,700, depending on trim level — come as Tesla continues to lower prices on its vehicles. Ford CEO Jim Farley has called Tesla's ability to frequently alter pricing in response to market demand a competitive advantage that would force rivals to follow suit. Ford last lowered Mach-E prices in January, following cuts by Tesla.
"You have to be able to respond quickly," Farley said in April of Tesla and its CEO Elon Musk. "That agility he is building is super important for everyone."