Ford Mustang Mach-E prices slashed by as much as $8,500 in Canada

Ford of Canada is slashing the price of its Mustang Mach-E electric vehicle for 2023.

In terms of price cuts, they range anywhere from $4,750 to $8,500, depending on the trim. Cuts range between five and 11 per cent, again depending on trim. 

Ford is knocking $8,500 off the Premium eAWD Standard Range and Premium eAWD Extended Range, now priced at $69,340 and $82,340, respectively, including delivery.

The biggest reduction by percentage comes on the Premium eAWD Standard Range, down $7,000 to $80,090, including delivery.

By dropping the price of the Premium RWD Standard Range to $64,995 — before the $2,090 delivery fee — Ford makes that model eligible for the $5,000 federal Incentives for Zero-Emission Vehicles (iZEV) program.

Ford Canada left the price of the base model Select trim unchanged at $59,050, including delivery. And it too qualifies for the iZEV rebate.

Under the program, zero-emission passenger cars starting at less than $55,000, and higher-cost variants up to $65,000 qualify for the incentives. 

At the same time, the automaker said in a statement its parent company, Ford Motor Co., is “significantly increasing production of the Mustang Mach-E this year to help reduce customer wait times.”

Ford Canada said in the statement that it’s “making Mustang Mach-E even more accessible to customers and keeping it competitive in the marketplace.”

Ford’s price cut comes just weeks after Tesla slashed prices across its four-vehicle lineup.

On its Canadian website, Tesla now lists its Model 3 with all-wheel-drive — its entry-level vehicle in Canada — at Cdn$54,990, before shipping.

The entry-level Mustang Mach-E Range trim starts at $64,995

"We have to compete," Marin Gjaja, chief customer officer for Ford's EV unit, told sibling publication Automotive News this weekend at the NADA Show in Dallas, ahead of Ford's announcement. "It's a competitive marketplace, and it just got a lot more competitive because of what Tesla did. We're not going to cede ground to anyone."

Ford said it plans to build 130,000 Mach-Es globally this year, 67-per-cent more than the 77,959 it produced in 2022.

The automaker said existing Mach-E customers awaiting delivery of their vehicle automatically will receive the adjusted price. It said it would reach out directly to customers who already have a Mach-E they bought this year.

Gjaja told Automotive News the Mach-E is not profitable, although the automaker was benefiting from the EV drawing new customers to the brand and honing its software and battery technology through it.

"Mustang Mach-E is not profitable and it's not going to be profitable, although by trim series it does vary a little bit," he said. "We'd like to be more profitable and we're working furiously to get the costs out of these vehicles."