Ford cuts prices on Mach E as Tesla raises them on Model Y

Credit: AP Photo/Wilfredo Lee Credit: AP Photo/Wilfredo Lea

Ford said that it will reopen the order bank for the Mach E on Wednesday after upgrading the factory in Mexico so as to increase production.

Tesla also raised the prices of its Model Y SUV, and Model 3 small sedan by $50, on Tuesday. These are the two most popular vehicles.

All-wheel drive models are now $45,995. The rear-wheel drive version is $4,995. Ford reduced the prices by $4,000 on its premium versions. Rear-wheel drive models dropped to $46,995, while all-wheel drive models went to $49,995.

The GT All-Wheel-Drive Extended Range Version also dropped by $4,000, to $59.995.

Model Y Dual Motor starts at $47.40. The Y Long Range version is $50.40. And the Y Performance starts at $54.40. All models have all-wheel drive.

This year, the Mach E is only eligible for a federal tax credit of $3,750, while two top-selling Teslas are eligible for $7,000.

Tesla shares rose slightly in Tuesday's trading, while Ford shares fell.7%.

Ford announced in a press release that it would increase production of the Mach E at Cuautitlan in Mexico to reduce wait times for customers and to use lower costs as a way to cut prices.

0,000 by the end of the year. The company announced on Wednesday that the plant upgrades were complete and will support an increase in production during the second half.

Tesla has cut prices in the U.S. four times this past year, raising concerns among investors regarding its profit margins. LINK. All rights reserved. Copyright applies to this document. Aside from fair dealing in the interest of private study or for research, it is prohibited to reproduce any part without written permission. This content is only provided as a source of information.