American legacy automaker Ford has lowered the prices of its 2023 Mustang Mach-E electric SUV by as much as $8,100 in the United States, just less than a day after cutting the electric SUV’s pricing in Canada. In addition, Ford also announced new bonus cash incentives on select F-150 Lightning variants.
Ford Mustang Mach-E price cuts
Ford’s price cuts for its popular 2023 Mustang Mach-E enabled the brand to offer a sub-$40,000 model with the base Select Rear-Wheel-Drive trim. Customers can now obtain the base model with a 72-kWh battery and 226-mile EPA range for only $39,895, excluding destination and delivery fees.
Meanwhile, the Premium AWD standard range model equipped with the same battery pack now sells at $45,895. Ford gave the higher price cut of $8,100 to the electric SUV’s more expensive variants, including the Premium RWD (Extended Range), Premium AWD (Extended Range), and the California Route 1 AWD. Refer to the table below:
| 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 Mustang Mach-E is America’s No.2 EV SUV in 2023 and Ford is America’s No.2 EV brand. We are adjusting pricing for MY23 models as we continue to adapt to the market to achieve the optimal mix of sales growth and customer value.”
Ford
Ford Mustang Mach-E customers can also benefit from a $7,500 cash incentive when they lease through Ford Credit, which is stackable with the $7,500 federal tax credit for leases Ford passes on to its buyers.
Ford F-150 Lightning incentives
Apart from the Ford Mustang Mach-E price cuts, the American legacy brand also launched new bonus cash incentives for the 2023 F-150 Lightning.
The electric pickup’s Lariat, XLT, and Pro versions offer additional retail cash bonuses of up to $12,500 apart from its eligibility for the $7,500 federal tax credits in the US. Here is the breakdown:
| Variant (MY23 models) | MSRP | Retail cash bonus | Federal Tax Credit | Potential Savings |
| Pro | $49,995 | – | $7,500 | $7,500 |
| XLT Standard Range | $54,995 | – | $7,500 | $7,500 |
| XLT Extended Range | $69,995 | $7,500 | $7,500 | $15,000 |
| Lariat | $69,995 | $5,000 | $7,500 | $12,500 |
| Lariat | $77,495 | $5,000 | $7,500 | $12,500 |
| Platinum | $91,995 | $12,500 | – | $12,500 |
In addition, Ford also offers a red carpet lease for the electric pickup. The XLT variant can benefit from a $1,500 red carpet lease cash, $5,000 for the Lariat, and $7,500 for the Platinum.
Potential purpose
Ford’s Mustang Mach-E lost its access to the federal tax credit this year due to the Inflation Reduction Act’s more stringent battery sourcing requirements.
Therefore, the price cuts enabled the brand to stay competitive with popular models like the Hyundai Ioniq 5 and the Tesla Model Y in terms of MSRP.
It is also worth noting that Ford hit record-breaking electric vehicle sales in 2023. The F-150 Lightning sales surged 55%, while the Mustang Mach-E only grew 3%.
However, the F-150 Lightning’s sales dropped by a whopping 51% YoY in January 2024. Meanwhile, the F-150 Lightning dropped 0.3% YoY due to the waning demand in recent months. All that said, the price cuts and incentives are highly likely part of the brand’s efforts to boost its first-quarter sales. It may also be crucial for the company to empty its 2023 Mustang Mach-E inventory to focus on the 2024 iteration, which is its latest offering in the market.
