With its new EV supply chain coming online, Ford announced it is increasing production of the Mustang Mach-E in 2023 to help reduce customer wait times and to take advantage of streamlined costs to reduce prices, according to the company's news release.

Ford added that the production increase is a part of the Ford+ Plan, and it continues to position Mustang Mach-E as an option for those looking for an electric SUV.

The company offers EV customers a full-size truck, SUV, and van, and it has secured the batteries and raw materials to scale production of all these models in 2023.

The Mustang Mach-E delivers an EPA-estimated 300-plus mile range and zero tailpipe emissions. It is available with BlueCruise hands-free driving on more than 130,000 miles of highway and can be updated through over-the-air Ford Power-Up software updates. All Ford EV customers also have access to more than 79,000 charging plugs and growing through the BlueOval Charge Network.

“We are not going to cede ground to anyone. We are producing more EVs to reduce customer wait times, offering competitive pricing, and working to create an ownership experience that is second to none,” said Marin Gjaja, chief customer officer of Ford Model e. “Our customers are at the center of everything we do – as we continue to build thrilling and exciting electric vehicles, we will continue to push the boundaries to make EVs more accessible for everybody.”

EV Prices Dip, Buyer Incentives Rise Despite High Demand

The average price paid for a new EV decreased in December by $3,594 (down 5.5%) compared to November and ended the year lower by 0.6%. The average new EV sold for $61,448, according to Kelley Blue Book estimates, still well above the industry average.

The drop in pricing was driven by significant price cuts at Tesla, which commands more than 65% of the electric vehicle segment. Earlier in the year, Tesla was increasing prices, citing supply issues. In December, the company reversed course.

Electric vehicles had the highest incentives in December, again influenced by changes at Tesla, at 6.2% of ATP, followed closely by luxury cars at 5.8% of ATP, according to Kelley Blue Book estimates. Meanwhile, vans, minivans and full-size SUVs had the lowest incentives, all less than 1% of ATP.

The former MSRP for the 2023 Mustang Mach-E select RWD standard range was $46,895 and has been updated to $45,995. Meanwhile, the former MSRP for the select eAWD standard range was $49,595, and it is now $48,995.

Existing Mustang Mach-E customers awaiting delivery of their vehicle will automatically receive the adjusted price and for customers with a sale date after Jan. 1, 2023, and already have their Mustang Mach-E, Ford will reach out directly.

In addition to adjusted pricing, on Mustang Mach-E vehicles ordered between Jan. 30 and April 3, 2023, Ford Credit will be offering special rates as low as 5.34%.

“This is a natural companion to the new Mach-E pricing,” said Craig Carrington, Ford Credit executive vice president for North America. “The offer is straightforward and competitive, enabling customers to lock in today’s rates, even if rates go up between order and delivery.”