Ford Motor Company CEO Jim Farley described price cutting in the electric vehicle market as "a worrying trend" after the company dropped US prices for the Mustang Mach-E earlier this week by up to $4,000.
On May 2, Ford announced a price cut of up to 8 percent of its electric crossover, the second cut the automaker announced this year for its EV that competes directly with the Tesla Model Y. The price cuts were in response to a series of reductions by Tesla that started in January.
Last week, Farley compared the price war started by Tesla in the EV market to Henry Ford's series of price cuts for the Model T starting in 1913. Speaking at a Wall Street Journal forum recently, he reiterated his opinion that the company founder's strategy ultimately put Ford at risk.
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