Ford Motor Company has formally entered the price war in the electric vehicle market by slashing prices of its models and engaging with the market leader, Tesla, which also announced price cuts earlier this month, as reported. Find out more at 🚀
Ford Motor Company has formally entered the price war in the electric vehicle market by slashing prices of its models and engaging with the market leader, Tesla, which also announced price cuts earlier this month,Technoking Elon Musk's Tesla is the undisputed leader in the EV segment, having sold its cars in Europe, China, and the U.S. In 2022, the carmakerSee Also
The reason for the poor performance has been the competition that is heating up in the EV space, with brands like Ford and General Motors making a splash with electric models of their legacy cars. Recognizing the threat, Tesla slashed car prices by up to 20 percent across its popular cars, Model 3 and Model Y, earlier this month, starting a price war and now Ford has responded.
The price cuts aren't just for new owners but will also benefit owners who are currently on the waitlist for delivery of their Mach-E, for whom Ford will adjust the price upon delivery. Customers who have already received deliveries of their Mach-E's can also expect an offer that will refund the difference they have paid for their cars, Marin Gjaja, chief customer officer at Ford Electric division, told reporters.
On the other hand, Ford does not enjoy the same liberties as Tesla and is reportedly working on thin margins. In such a scenario, engaging in a price war could see its profits being wiped off completely.
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