Ford slashes prices of 2023 Mustang Mach-E and adds huge incentives for F-150 Lightning

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Less than 24 hours after lowering prices of its 2023 Mustang Mach-E models in Canada, Ford Motor Company has followed suit in the US, reducing MSRPs of all trims to adapt to slower EV demand. Lease programs offer additional discounts in the US, making the Mach-E more affordable than ever. Additionally, Ford has added new incentives for the F-150 Lightning.

It’s been over four years since Ford first unveiled the Mustang Mach-E – an all-electric crossover SUV that took one of its most celebrated nameplates and adapted it for the EV age (met with a mix of love and hate).

Since entering production as a 2021 model, the Mustang Mach-E has grown in popularity, becoming the second-best-selling electric SUV in the US in 2023. While it initially launched at a starting price just below $46,000 for its lowest tier RWD Select version, we’ve seen Mustang Mach-E prices gradually drop.

After a temporary halt of orders in 2023, Ford reopened its books in May, lowering the prices of all trims of the Mustang Mach-E, which has started at an MSRP of $42,995 since. Just yesterday, the American automaker announced lower pricing for Canadian customers, now a precursor to today’s latest pricing update.

Mach-e Prices
Source: Ford Motor Company

Ford cuts 2023 Mach-E prices by up to $8,100

A spokesperson for Ford shared details of the lower prices for the Mustang Mach-E in an email to Electrek this morning, which said the following:

The Mustang Mach-E is America’s No.2 EV SUV in 2023 and Ford is America’s No.2 EV brand. We are adjusting pricing for MY23 models as we continue to adapt to the market to achieve the optimal mix of sales growth and customer value.

Here’s how the updates prices for the 2023 Mustang Mach-E’s break down:

2023 Mach-E Trim Previous MSRP* New MSRP* Price Difference
Select RWD $42,995 $39,895 -$3,100
Select AWD $45,995 $42,895 -$3,100
Premium RWD $46,995 $42,895 -$4,100
Premium AWD $49,995 $45,895 -$4,100
Premium RWD (Extended Range) $53,995 $45,895 -$8,100
Premium AWD (Extended Range) $56,995 $48,895 -$8,100
California Route 1 AWD $56,995 $48,895 -$8,100
GT $59,995 $52,395 -$7,600
GT (Performance Edition) $64,995 $57,395 -$7,600
* – MSRPs do not include $1,800 in destination fees

Additionally, Ford pointed out that any 2023 Mustang Mach-E leased through Ford Credit is eligible for a $7,500 cash incentive. That’s in addition to the $7,500 federal tax credit for EV leases Ford passes on to its customers – meaning US buyers could lease a Mach-E for up to $13,000 off MSRP. Qualified buyers can also take advantage of 0% financing for 72 months.

Ford F-150 Lightning buyers can take advantage as well

In addition to the lower prices of the Mustang Mach-E, Ford followed up with additional news this morning, sharing it has also added new bonus cash incentives for certain trims of the 2023 F-150 Lightning.

The Lariat, XLT, and Pro versions of the 2023 Lightning currently qualify for a $7,500 retail credit for eligible customers at the point of sale. Still, Ford has added additional bonuses as follows:

If US consumers would prefer instead to pursue a lease of a 2023 F-150 Lightning, Ford has added some new offers to help sweeten the deal:

  • $1,500 red carpet lease cash for the XLT
  • $5,000 red carpet lease cash on the Lariat
  • $7,500 red carpet lease cash for a Platinum

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