Following Tesla, Ford reduced the price of the electric Mustang Mach-E series by an average of 4500 US dollars.

CTOnews.com, January 31 (Xinhua) after Tesla's recent price cut, Ford also cut the price of its electric Mustang Mach-E by an average of $4500 (currently about 30375 yuan).

Ford said it hoped to offset further deterioration in profit margins by increasing production by 67 per cent this year. The lowest-priced Mach-E now starts at $45995, down $900, while the biggest drop is for the GT extended-range version, which starts at $63995, down $5900.

The price cut will make at least one version of Mach-E once again eligible for a US federal tax credit of $7500, which requires the suggested retail price of electric vehicles not to exceed $55000.

Marin Gjaja, chief customer officer of Model e, Ford's electric vehicle business, says Mach-E production will increase to 130000 this year, up from 78000 last year. The Mach-E plant in Cuotitland, Mexico, is currently idle and will be back online in February after restructuring and expanding capacity. Ford said in November that it was accelerating production of the Mustang Mach-E, aiming to reach 270000 vehicles a year worldwide by the end of 2023, including in China.

CTOnews.com learned that Ford's price cut only affected the price of Mach-E in North America.