Ford Cuts Prices Of Its Flagship EV -- February 20, 2024

Locator: 46854EVS.

Ford cuts prices of Mustang Mach-E by up to $8,100. These only apply to the unsold 2023 models.

From The Drive: 

Now that price is not ann obstacle, these things should be flying out the doors of dealers' showrooms.

One can assume the dealer will knock off another $3,000 to $5,000, "for those who qualify," bringing the final price to well under $40K.

Ticker pretty much unaffected. Ticker in line with rest of market today. 

Link here.

EVs: link here. 

• scorecard
• cash burn 
• graphite
•  not for me. 
• "Energy transition is dead" is followed here. 
• EVs charging. 
• cold weather -- reality sets in -- January, 2024
• resale value -- a deal-breaker 

Back to the Ford Mustang story: 

Ford Motor Co ... cut prices on its Mustang Mach-E electric SUV by up to $8,100 after sales fell sharply in January, 2024.

The ... lowest-price 2023 model year Mach E version now has a suggested retail price of $39,895, down from $42,995. The higher-end Mach-E GT spec will cost about $7,600 less, at $52,395. Other versions including the extended-range premium version will drop in price by $8,100 to $48,895.

Ford said the price cuts come as the automaker continues “to adapt to the market to achieve the optimal mix of sales growth and customer value.”

The ... automaker said U.S. sales of the Mach-E fell by 51% in January to 1,295.

The Mach-E lost eligibility for a $3,750 tax credit on January 1 after new U.S. Treasury Department battery sourcing requirements aimed at weaning the electric vehicle supply chain away from China took effect. Numerous other models also lost tax credits.

Last week, Treasury told Reuters it has reimbursed auto dealers for about $135 million in advance point-of-sale consumer EV tax credit payments since the start of the year through Feb. 6. The Internal Revenue Service has received more than 25,000 time of sale reports, including more than 19,500 with advance payment requests.

Tesla’s Model Y crossover, which competes with the Mach-E, starts at $42,990 before federal tax credits of $7,500.

The Elon Musk-led EV maker sparked a price war early last year in a bid to spur demand and grab more market share.