Ford cuts Mach-E EV prices by thousands as sales plunge

Ford cut Mustang Mach-E prices by up to $8,100 after sales of the electric SUV reportedly fell by more than 50% in January.

The automaker has lowered prices on multiple 2023 Mustang Mach-E models, reducing the base price by $3,100 to $41,695 with the mandatory $1,800 destination charge. The biggest discount is offered on several other versions of the Mach-E, including the Premium grade with the Extended Range battery pack, which now starts at $47,696 with destination.

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“The Mustang Mach-E is America’s No. 2 EV SUV in 2023 and Ford is America’s No. 2 EV brand,” Ford noted, in a statement provided to Green Car Reports. “We are adjusting pricing for MY23 models as we continue to adapt to the market to achieve the optimal mix of sales growth and customer value.” 

Ford confirmed the 2023 model-year reductions below, and noted that these price changes don’t apply to the 2024 Mustang Mach-E versions arriving soon—including the new Mustang Mach-E Rally version and an updated Mach-E GT.

Price reductions on 2023 Ford Mustang Mach-E – Feb 20, 2024

Ford EV sales fell 11% in January, Bloomberg reports, and the Mach-E lost eligibility for the federal EV tax credit (previously $3,750 for this model) at the beginning of the month. Ford delivered just 1,295 Mach-E SUVs in the U.S. in January, Reuters reported.

It’s not just a U.S. issue: Ford has also cut Mach-E prices in Canada, Drive Tesla reported.

2023 Ford Mustang Mach-E

2023 Ford Mustang Mach-E

2023 Ford Mustang Mach-E

Mach-E sales were initially quite strong, with Ford reaching a production milestone of 150,000 units by late 2022. Ford also hiked prices on the Mach-E that year, but undid some of that in 2023.

Ford noted to Green Car Reports that it also reduced prices for the F-150 Lightning electric pickup, albeit in a different way. In the form of retail bonus cash, it’s offering $7,500 off XLT Extended Range, $5,000 off Lariat Standard and Extended Range, and $12,500 off Platinum versions of the Lightning.

2024 Ford F-150 Lightning Flash

A leasing incentive of up to $7,500 now also applies to both models—depending on the trim level for the Lightning. 

Ford isn’t just tinkering with pricing. CEO Jim Farley has said that Ford plans to “reengineer” the Mach-E incrementally—so this year’s model may be quite improved versus last year.

Just earlier this month Farley said that Ford seeks smaller, lower-cost EVs to rival the upcoming affordable Tesla as well as EVs from China. As laid out by the company’s Model E announcement two years ago, that’s on the way with a platform for affordable EVs. But in the meantime, Farley has said hybrids will play an “increasingly important role” alongside EVs. 

With additional reporting by Bengt Halvorson