The 2023 Ford Mustang Mach-E is now handsomely cheaper than before. The Detroit automaker announced revised pricing for its electric crossover today, with certain variants cheaper by as much as $8,100.
The entry-level Select rear-wheel-drive Mach-E, with 226 miles EPA range from a 72-kilowatt-hour battery, now costs $39,895 with a $3,100 price cut, excluding destination and delivery fees. The Premium all-wheel-drive standard range model, with the same battery and range, now starts at $45,895, getting a $4,100 price cut.
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Sales slump encourages Ford to slash Mustang Mach-E prices
The Ford Mustang Mach-E lost its tax credit eligibility on January 1, 2024, due to stricter battery and component sourcing rules. But Ford is still keeping its EV attractive with substantive price cuts, even if they come at increased losses.
The more expensive variants get a bigger cut. The California Route 1 AWD, with 91 kilowatt-hours of usable battery capacity and 312 miles range, now starts at $48,895, thanks to a healthy $8,100 price cut. To make the electric pony more attractive, Ford is also offering 0% financing for 72 months for eligible buyers, and a $7,500 Red Carpet Lease cash incentive when leased through Ford credit.
Here’s the Ford EV’s updated price list, excluding the $1,800 delivery and destination fees:
| MY2023 Ford Mustang Mach-E | New Prices | Old Prices | Change |
| Select RWD |
$39,895 |
$42,995 |
$3,100 |
| Select AWD |
$42,895 |
$45,995 |
$3,100 |
| Premium RWD (Standard Range) |
$42,895 |
$46,995 |
$4,100 |
| Premium AWD (Standard Range) |
$45,895 |
$49,995 |
$4,100 |
| Premium RWD (Extended Range) |
$45,895 |
$53,995 |
$8,100 |
| Premium AWD (Extended Range) |
$48,895 |
$56,995 |
$8,100 |
| California Route 1 AWD |
$48,895 |
$56,995 |
$8,100 |
| GT |
$52,395 |
$59,995 |
$7,600 |
| GT Performance |
$57,395 |
$64,995 |
$7,600 |
The Mach-E lost its eligibility for the federal tax credit on January 1, 2024, after the stricter Inflation Reduction Act guidelines kicked in. The new rules placed more restrictions on components sourced from the so-called “foreign entity of concern.” The regulations aim to reduce reliance on China for battery materials even further.
The price reductions place the EV closer to the Hyundai Ioniq 5 and the Tesla Model Y as far as MSRP is concerned. Although the latter qualifies for the federal tax credit despite the new FEOC rules, which still makes it the most affordable premium electric crossover.
2023 was a record sales year for Ford EVs, although Mach-E sales were only up by a meager 3%. January 2024 was somewhat disappointing with Mach-E sales down 51% year-over-year due to an industry-wide slowdown.
