Ford has great news about electric car prices that buyers will love  Daily Courier newspaper

Ford has great news about electric car prices that buyers will love Daily Courier newspaper


Electric vehicle sales have reportedly shown signs of slowing since mid-2023. EV sales in California, the nation’s largest state, declined in the last two quarters of the year and fell 10% in the fourth quarter, from 101,151 sales in Q3 to 89,993 in Q4, Automotive News said.

Ford Motors EV sales fell 11% in January, and the company said it will cut production of its F-150 electric truck as demand slows.

A combination of high interest rates and high prices for EVs, compared to their internal combustion engine and plug-in hybrid counterparts, has helped stall EV sales. The solution for car companies has been to lower EV prices to attract more buyers.

Tesla (TSLA) in October it cut the price of the Model 3 Rear-Wheel Drive from $40,240 to $38,990 and its Rear-Wheel Drive version of its Model Y from $47,740 to $43,990, where they were in late January.

Tesla on February 12 slashed the price of the country’s best-selling EV, the Model Y, and reduced the prices of the All-Wheel Drive and Long-Wheel Drive models by $1,000 to $42,990 and $47,990, respectively, through the end of February.

Related: Tesla has bad news for EV buyers a day after delivering good news

Tesla raises prices while others lower prices

But later in February, Tesla surprised many by raising the price of its upgraded Model 3 Long Range All-Wheel Drive by $1,500 to $47,490. The new Model 3 retailed for $45,990 when it launched on January 10, but that price didn’t last long.

In early February, Tesla raised the price of the Long Range AWD by $1,000 and raised the price again by another $500 on February 14. With destination and import fees added to the price, buyers will pay $49,130 ​​for the car.

Tesla’s rival Ford (F) , however, cut the price of the May 2023 all-electric Mustang Mach-E by $4,000 and in July 2023 cut the price of its F-150 Electric EV truck by 16%, or $9,980, to $59,974. It later dropped the price even further to $49,995 in anticipation of increased sales of Tesla’s new Cybertruck.

Ford F-150 Electric

Ford

Ford is slashing the price of the Mustang Mach-E again

Weak sales of electric vehicles have prompted Ford to again cut prices for its Mustang Mach-E crossover across the board, ranging from $3,100 to $8,100 off depending on the trim package. Ford is also slashing the prices of its Ford-150 Lightning electric trucks, ranging from $5,000 to $12,500 in bonus cash, depending on trim.

Mustang Mach-E price cuts include a $3,100 reduction in Rear-Wheel Drive to $39,895 and All-Wheel Drive to $42,895; $4,100 off the price of Rear-Wheel Drive to $42,895 and Premium All-Wheel Drive to $45,895; $7,600 is reduced in the GT to $52,395 and the GT Performance Edition to $57,395.

The lower prices include an $8,100 discount on Extended Range Rear-Wheel Drive to $45,895, Extended Range All-Wheel Drive to $48,895, and California 1-Wheel Drive to $48,895, according to a Ford price list provided to Electrek .

Ford is also offering $7,500 Red Carpet Lease cash toward the lease of a 2023 Mustang Mach-E, which also qualifies for an additional $7,500 federal tax credit. Qualified buyers can also get 0% financing for 72 months, according to Ford’s website.

Ford F-150 powertrains also offer bonus cash incentives with purchases, including a $5,000 retail bonus on the F-150 Lightning Lariat Standard, a $7,500 retail bonus cash on the F-150 XLT Extended Range and $12,500 of the F-150 Platinum Electric retail bonus.

Related: Veteran fund manager picks favorite stocks for 2024