Ford continues to increase its Electric Vehicle (EV) prices and is now increasing the price of its 2023 Mustang Mach-E, following the price increase of its F-150 Lightning. The company announced that they were reopening the order banks for the electric SUV with an adjusted Manufacturer's Suggested Retail Price (MSRP).
(Photo : by Scott Olson/Getty Images)
CHICAGO, ILLINOIS - FEBRUARY 10: Ford shows off the 2021 Mustang Mach-E GT during the Chicago Auto Show at McCormick Place convention center on February 10, 2022 in Chicago, Illinois. The show, the nation's largest and longest-running auto show, will open to the public on February 12 and run through February 21.
This is to reflect "significant material cost increases, continued strain on key supply chains, and rapidly evolving market conditions," according to TheVerge. It is the same reason the automaker said when it increased the price of the F-150 Lightning.
The new prices of Ford's EVs come with the exclusion of destination and delivery fees, which have also increased to around $1,200 per vehicle. That said, customers will need to pay at least $50,000 for the cheapest Mach-E.
Aside from the EVs getting a price hike, the extended battery for the Premium RWD model is also getting a price increase up to $8,600. However, the automaker has also increased the added range by 13 miles for a total EPA estimated range of 290 miles.
Something to Make the Price Increase Hurt Less
These price increases are significant, and Ford knows it. That's why one of the ways to sweeten the deal is that they are offering their Co-Pilot 360 advanced driver-assist technology as standard across all trim levels. There are two new colors-carbonized gray and vapor blue. Additionally, Select model buyers can have the company's BlueCruise hands-free driver-assist feature for a complimentary 90-day period.
Also Read: Ford Logo Change, Crypto Messages Hint New Vehicle; A Better Performing F-150 Raptor?
Federal EV Tax Credit
Some people think that the $7,500 tax credit they can get for their EVs from the federal government could help with these significant price increase, but no. The Mustang Mach-E is eligible for the tax credit, but its new requirements involve at least 40 percent of its components, including the battery, should be made in the North America or by a US trading partner will go into effect in 2024. Therefore, the Mustang Mach-E will not likely qualify under the new rules.
Ford aims to sell more than two million EVs every year by 2026 and is now investing tens of billions of dollars to speed up its production capacity globally. Also, just recently, the company said they have plans to lay off around 3,000 salary and contract workers to help them manage their costs better.
Executive Chairman Bill Ford and CEO Jim Farley stated in a letter to employees, "We are eliminating work, as well as reorganizing and simplifying functions throughout the business."
Related Article: Ford Removes 3,000 People from their Jobs as Part of Its Restructuring for 'Clarity and Speed'
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Written by: April Fowell
