Ford Motor Co F has reportedly made a bold move by significantly reducing the prices of its 2023 Mustang Mach-E in Canada, as it faces increased competition, particularly from Tesla Inc‘s Model Y and other electric SUV options.
What Happened: The price cuts range from C$5,000 ($3,709) to C$13,000 ($9,644), Drive Tesla reported, across most 2023 Mach-E models, with the GT Performance Edition Extended Range seeing the most significant cut.
This strategic pricing adjustment positions the Mustang Mach-E as a more compelling and competitive option in the increasingly crowded EV market. Furthermore, all Mach-E models now qualify for a federal rebate of C$5,000.
Ford’s response to Benzinga‘s request for comment is currently unavailable.
Why It Matters: The Mustang Mach-E, Ford’s sole electric SUV, directly competes with Tesla’s best-selling Model Y, which starts at C$53,990 ($40,053) in Canada. With the new price cuts, the Mach-E Select RWD Standard Range now starts at C$51,995 ($38,573), positioning it below the Model Y in terms of pricing.
Interestingly, the Model Y was the best-selling vehicle worldwide last year, with over 1.2 million units sold. Tesla has also been slashing prices on the Model Y, aligning its starting price with that of its most affordable offering, the Model 3 sedan.
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