The Detroit automaker is increasing production of the Mach-E this year and said it is taking advantage of streamlined costs to reduce prices across the board, it said.
The cut comes just over two weeks after Tesla Inc. dropped prices 6% to nearly 20% in the United States on most of its models in an effort to bolster demand and raise market share.
Ford’s maneuver will almost certainly force other automakers to trim prices as well, touching off a bit of a price war for electric vehicles, said Jeff Schuster, president of global forecasting for LMC Automotive, a Detroit-area consulting firm.
“To remain price competitive to consumers, it’s going to require a response from anyone who wants to play in this area,” he said.
However, Schuster says he doesn’t see an all-out price war that brings prices down even more. Automakers will try to protect profit margins on EVs as their share of the U.S. market keeps growing, he said.
Although Ford didn’t mention Tesla in its statement, the Dearborn, Michigan, company said the price cuts are part of Ford’s plan to keep the SUV competitive in a fast-changing market.
This story is from the AppleMagazine #588 edition of AppleMagazine.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign in
This story is from the AppleMagazine #588 edition of AppleMagazine.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign in
Why Tiktok's Security Risks Keep Raising Fears
TikTok is once again fending off claims that its Chinese parent company, ByteDance, would share user data from its popular video-sharing app with the Chinese government, or push propaganda and misinformation on its behalf.
MONEY: IS BEING A LANDLORD WORTH IT?
Real estate has been a popular investment for a very long time — for those who can afford it. But in recent years, trends such as house flipping, “house hacking” (living in one room of a property while renting out the others) and short-term vacation rentals have made real estate investment much more accessible, especially for millennials seeking a second-income stream in an uncertain economy.
DIGITAL LITERACY: CAN THE REPUBLIC 'SURVIVE AN ALGORITHM'?
Shawn Lee, a high school social studies teacher in Seattle, wants to see lessons on the internet akin to a kind of 21st-century driver’s education, an essential for modern life.
GOOGLE SUSPENDS CHINESE SHOPPING APP AMID SECURITY CONCERNS
Google has suspended the Chinese shopping app Pinduoduo on its app store after malware was discovered in versions of the app from other sources.
NEW 'SHAZAM!' HAS MORE EVERYTHING, BUT LESS CHARM
Sequels, by nature, are more. Whatever the original had, just add more, the rule seems to be. Even more words in the title — how often is a sequel’s title shorter than the original?
GAMESTOP LEADS MEME STOCK RALLY IN PANDEMIC TRADE COMEBACK
Meme stocks jumped this week after GameStop, one of the most heavily traded off-brand stocks during the pandemic, posted a surprise profit for the fourth quarter, its first quarterly profit in two years.
AMAZON CUTS 9,000 MORE JOBS, BRINGING 2023 TOTAL TO 27,000
Amazon plans to eliminate 9,000 more jobs in the next few weeks, CEO Andy Jassy said in a memo to staff this week.
CRUISE WANTS TO TEST SELF-DRIVING CARS ALL OVER CALIFORNIA
General Motors’ Cruise autonomous vehicle unit asked California for permission to test the cars across the entire state.
IOS 16.4 HINTS AT UPCOMING AIRPODS 4 & NEW CHARGING CASE
Apple has recently rolled out the iOS 16.4 Release Candidate (RC) for developers and beta testers, containing references to the next-generation AirPods 4 and an updated charging case.
WILL THE CREDIT SUISSE BANK TAKEOVER CALM FINANCIAL FEARS?
In a bid to ease turmoil in the world financial system, Swiss authorities engineered a plan for the UBS bank to acquire its troubled smaller rival Credit Suisse at a marked-down price.
FORD SAYS EV UNIT LOSING BILLIONS, SHOULD BE SEEN AS STARTUP
Ford Motor Co.’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology.
RAPTOR R TAKES ON TRX
MUSCLE CAR ENGINES AND TROPHY TRUCK SUSPENSIONS SQUARE OFF ON THE DRAGSTRIP, ON THE ROAD, AND IN THE DIRT
TESLA SAYS IT WILL CUT COSTS OF NEXT GENERATION CARS IN HALF
Tesla says it will cut the cost of its next generation of vehicles in half, largely by using innovative manufacturing techniques and smaller factories.
WHITE HOUSE: TESLA TO MAKE SOME EV CHARGERS AVAILABLE TO ALL
Electric car giant Tesla will, for the first time, make some of its charging stations available to all U.S. electric vehicles by the end of next year, under a new plan announced by the White House.
TESLA HIKES PRICE OF MODEL Y AFTER US ALTERS TAX CREDIT RULE
Tesla has raised prices on its Model Y in the U.S., apparently due to rising demand and changes in U.S. government rules that make more versions of the small SUV eligible for tax credits.
AFTER TESLA PRICE CUT, FORD FOLLOWS SUIT WITH MUSTANG MACH-E
Ford is cutting prices on its Mustang Mach-E electric SUV by as much as $6,000 just weeks after market leader Tesla took similar steps.
JUSTICE DEPARTMENT SEEKS TESLA AUTOMATED DRIVING DOCUMENTS
The U.S. Justice Department has requested documents from Tesla related to its Autopilot and “Full Self-Driving” features, according to a regulatory filing.
TESLA WILL INVEST S3.6B IN NEVADA TRUCK FACTORY EXPANSION
Tesla said it intends to invest $3.6 billion to expand manufacturing capabilities in Nevada and is confident growing software-related profits, reflected in record net income reported Wednesday for the fourth quarter of last year, will keep margins higher than any other automaker.
ELON MUSK: TWEETS ABOUT TAKING TESLA PRIVATE WEREN'T FRAUD
Elon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia’s Public Investment Fund — although no specific funding amount or price was discussed.
TESLA SAYS ITS 40 PROFIT ROSE 59%, EXPECTS STRONG DEMAND
Tesla on Wednesday posted record net income in the fourth quarter of last year, and the company predicted that additional software-related profits will keep its margins higher than any other automaker.