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Ford Motors Co F is offering a discount on its most sought-after electric SUV Mustang Mach-E in China, attempting to create a new era for the company in the booming Chinese EV market.
What Happened: Mustang Mach-E pricing in China now starts at 209,900 yuan, factoring in a 40,000 yen discount, reported Reuters, citing a representative from Ford China.
Ford said existing Mustang Mach-E customers awaiting delivery of vehicles will automatically receive the price cut, the report added.
The move comes after EV segment leader Tesla Inc TSLA early this year announced a price drop on its Model 3 and Model Y vehicles sold in China, putting pressure on rival EV makers.
See Also: Best Electric Vehicle Stocks
This year, both Ford and Tesla slashed prices of their vehicles in the U.S. In January, Ford slashed Mach-E prices by $5,900 to withstand competition. Tesla on Monday — following up on an earlier price cut implemented in mid-January — lowered the prices of its Model X and S vehicles in the range of 4.4%-9.1%.
In China, Ford said its electric vehicle sales exceeded 1,400 units in the third quarter, with Mustang Mach-E year-to-date sales exceeding 5,000 units. Ford made its initial delivery of Mach-E to customers in China in December 2021.
Ford did not immediately reply to Benzinga’s request for comment.
Price Action: Ford shares traded about 0.4% lower at $12.78 in the premarket session on Wednesday, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.