Ford has cut the price of its Mustang Mach-E electric vehicle (EV) just weeks before the planned delivery schedule of the first batch, MachEforum.com reported citing the company’s dealer sheet. The automaker expects to start delivering Mustang Mach-E vehicles by the end of 2020.
The document published at MachEforum.com states that Ford (F) has cut the prices of all Mustang Mach-E models except GT, by $1,000 to $3,000. The US automaker stated that the reduced pricing will also be applicable to customers who have already reserved a vehicle.
The document reads, “Exceptional value has always been a hallmark of the Mustang brand. In addition to its great all-electric driving range and performance, we’re adjusting 2021MY Mustang Mach-E pricing to remain fully competitive in a segment that is seeing dynamic price changes.” (See F stock analysis on TipRanks).
Last month, in a broader industry research note Credit Suisse analyst Dan Levy said that Ford should use the strength in its North American trucking business to fund its electric vehicle development programs. Levy reiterated a Hold rating on the stock and a price target of $8 (21.2% upside potential).
Currently, the Street is sidelined on the stock with a Hold analyst consensus. With shares down over 29% year-to-date, the average analyst price target of $7.46 implies upside potential of 13% from current levels.