Ford CEO says price cuts in EV market ‘a worrying trend’ By Reuters


© Reuters. FILE PHOTO: Ford Mustang Mach-E is presented at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David ‘Dee’ Delgado/File Photo

WASHINGTON (Reuters) – Ford CEO Jim Farley said Wednesday price cuts in the electric vehicle market “is a worrying trend” after the U.S. automaker cut prices following a series of reductions by rival Tesla (NASDAQ:).

Ford on Tuesday announced a price cut of up to 8% of its Mustang Mach-E electric vehicle, the second cut the automaker announced this year. “You do not want to commoditize the product,” Farley said at a Wall Street Journal forum. “The resale value for people who bought at higher prices is awful. They never forget.” Ford will follow Tesla price cuts but Farley said “there’s a limit to how far we’ll go.”

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