Ford Motor Co (NYSE:F) shares are trading lower Monday after the automaker said it would increase production of its Mach-E and reduce prices.
What Happened: Ford announced plans to “significantly increase” production of its Mustang Mach-E as its EV supply chain comes online, per a new regulatory filing. The production increase is a key part of the company’s Ford+ plan.
Ford also plans to take advantage of streamline costs and reduce prices “across the board.” The automaker reduced prices on all six of its Mach-E trim levels. The discounts range from $900 to $5,900.
Ford highlighted that the Mach-E was the third best selling electric vehicle in the U.S. last year. The new updated pricing aims to keep the vehicle competitive in a “rapidly changing” market.
Ford also said it has secured the batteries and raw materials needed to scale production of its EV models in 2023.
“We are not going to cede ground to anyone. 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,” said Marin Gjaja, chief customer officer of Ford Model e.
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F Price Action: Ford has a 52-week high of $21.05 and a 52-week low of $10.61.
The stock was down 2.34% at $12.96 Monday morning, according to Benzinga Pro
Photo: courtesy of Ford.
