Latest News by Industry
DETROIT AP" target="_self">(AP) — Ford is cutting U.S. starting prices on its Mustang Mach E electric SUV, bringing many versions below the cost of its main competitor, the Tesla Model Y.
Ford also said it is reopening the order bank on Wednesday for the Mach E after upgrading a factory in Mexico to increase output.
Also on Tuesday, Tesla raised prices by $250 on the Model Y SUV and the Model 3 small sedan, its two top-selling vehicles.
The standard range base versions of the Mach E each saw $3,000 price cuts, with the rear-wheel-drive version falling to $42,995 and the all-wheel-drive model going to $45,995. Ford cut $4,000 off prices of the premium standard-range versions, with rear-wheel-drive dropping to $46,995 and all-wheel-drive going to $49,995.
The price of the GT all-wheel-drive extended-range version also fell by $4,000 to $59,995.
By comparison, Tesla's Model Y dual motor now starts at $47,240, while the Y Long Range rises to $50,240, and the Y Performance version starts at $54,240. All have an all-wheel-drive.
The Mach E only is eligible for a $3,750 U.S. federal tax credit this year, while the two top-selling Tesla models are eligible for $7,500.