A visitor to the St. Louis Auto Show checks out the new Ford Mustang Mach E electric car at America's Center in St. Louis in January 2022. Ford announced Monday it is cutting EV costs across the board. File Photo by Bill Greenblatt/UPI | License Photo
Jan. 30 (UPI) -- Ford announced Monday it is reducing the prices of electric vehicles to "remain competitive in the marketplace," following on the heels of price reductions by EV leader Tesla.
Ford said because of its improved supply chain dynamics, it plans to increase production of the Mustang Mach-E to reduce customer wait times. The auto giant said the cost reduction is marked by the "streamlined costs" for the vehicles.
"We are not going to cede ground to anyone," Marin Gjaja, chief customer officer of Ford Model e, said in a statement. "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.
"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."
Tesla said earlier this month it was cutting prices for its Model 3 Performance and Model Y Long Range in the United States. Tesla slashed the Model 3's base by $3,000 to $43,990 while the Performance model was cut by $9,000 to $53,990. The Model Y Long Range price fell $13,000 to $53,990 and its Performance model slipped $13,000 to $56,990.
"The production increase is a key part of the Ford+ Plan, underscoring the company's commitment to lead the EV revolution by increasing the value of its EVs for customers, continuing to position Mustang Mach-E as a compelling option for those looking for an electric SUV, and growing market share," Ford said in a statement.