Ford Motor Company has been following in Tesla’s footsteps and has announced that it will be cutting the prices of its electric vehicles. This is a move that has been seen as a response to Tesla’s decision to cut prices on some of its electric vehicles earlier this month.

The first vehicle to receive a price cut is the Ford Mustang Mach-E, which is Ford’s electric competitor to Tesla’s Model Y. Ford has cut the price of the Mach-E by $2,500, bringing the starting price to $41,800. This is in line with the price reduction that Tesla announced for its Model Y earlier this month.

The price cut is part of Ford’s plan to make its electric vehicles more affordable and accessible to the public. Ford’s CEO, Jim Hackett, said in a statement, “We want to make sure our customers have access to the latest technology, and that includes electric vehicles that are affordable and accessible.”

However, the news of Ford’s price cut was not enough to help Tesla’s stock, which took a hit on Monday. Analysts have speculated that the drop in Tesla’s stock price could be due to some investors taking profits off the table after the stock had been on a strong run.

Overall, Ford’s decision to cut prices on its electric vehicles is a move that could help to make electric vehicles more accessible to the public. It remains to be seen if other automakers will follow suit and cut the prices of their electric vehicles as well.