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Ford Chops 2023 Mustang Mach-E Price Up to $5,900 To Catch Up With Tesla

More Mustang Mach-E models qualify for a federal EV credit now and Ford is offering lower-interest financing on models until April 2.

Ford’s not sitting on the sidelines in the battle for electric-car buyers this year. The Blue Oval announced Jan. 30 it would increase production and cut prices for its 2023 Ford Mustang Mach-E SUV, by up to $5,900 for some models, to spur sales following a price cut by Tesla earlier this month.

“We are not going to cede ground to anyone. We are producing more EVs to reduce customer wait times, offering competitive pricing and working to create an ownership experience that is second to none,” Ford Chief Customer Officer for electric cars Marin Gjaja said in a statement. “Our customers are at the center of everything we do – as we continue to build thrilling and exciting electric vehicles, we will continue to push the boundaries to make EVs more accessible for everybody.”

Ford Mach-E
Ford via Ford

Base 2023 Mustang Mach-E models with rear-wheel drive and a standard-range battery now cost $47,495, including mandatory destination fees, which is a $900 reduction. Opting for all-wheel drive adds $3,000 to that price, making it $50,495 for a Mach-E Select eAWD Standard Range, which is $600 cheaper than its previous price. 

The California Route 1 eAWD Extended Range and GT Extended range models have the steepest discounts, with Ford cutting the price of both by $5,580 and $5,900, respectively. However, both models are exempt from the newly revised federal EV credit of $7,500 because both MSRPs start north of $55,000. The 2023 Mustang Mach-E Premium RWD and eAWD Standard Range models sneak under that $55,000 threshold after their discounts. Ford similarly discounted its extended-range battery option for those models, cutting the cost from $8,600 to $7,000 for the bigger battery. 

Ford said it would offer low-interest financing to Mach-E buyers who ordered their cars before April 2. The automaker says that wait time for a Mach-E is between 18 and 22 weeks, although orders placed before the April 2 deadline presumably lock in that interest rate before delivery.

Ford CEO Jim Farley tweeted Monday that the automaker would be ramping up production of Mustang Mach-E and would pass along savings from higher production on to consumers. The automaker didn’t say if it would do the same with the Ford F-150 Lightning pickup truck, which has raised its price three times since it went on sale. We sent an email to Ford asking if the Lightning would be similarly discounted, but haven’t yet heard back.

Ford sold nearly 40,000 Mustang Mach-E models in 2022, making it the No. 3 bestselling EV behind the Tesla Model Y and Tesla Model 3. 

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