By Will Feuer

Ford Motor Co. said it is ramping up production and cutting prices of its electric Mustang Mach-E crossover, a move that comes weeks after Tesla Inc. slashed prices on a number of its models.

Dearborn, Mich.-based Ford said its supply chain for its new electric vehicles is coming online and it is seizing on streamlined costs to lower prices. Ford also said the price cuts are a part of the company's plan to keep the vehicle competitive in a "rapidly changing market."

Ford's price cuts range from $600 to $5,900, depending on the model.

"We are not going to cede ground to anyone," Chief Customer Officer of Ford's electric vehicle business Marin Gjaja said. He added that the company is keeping its pricing competitive and reducing customer wait times.

Shares of the automaker fell more than 2%, to $12.95, in the premarket session.

The move comes after Tesla recently cut prices for some of its vehicles sold in the U.S. by nearly 20%, aiming to lure new buyers. Chief Executive Elon Musk suggested last week that the price cuts have fueled a surge in orders.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 30, 2023 09:08 ET (14:08 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Tesla (NASDAQ:TSLA)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024 Plus de graphiques de la Bourse Tesla
Tesla (NASDAQ:TSLA)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024 Plus de graphiques de la Bourse Tesla