Ford Motor Company has announced a major price cut for its new Mustang Mach-E electric vehicle, following a similar move by rival Tesla. The price cut is part of Ford’s plan to compete more effectively in the electric vehicle market.

Ford’s Mustang Mach-E was released in late 2020, and was billed as a direct competitor to Tesla’s Model Y. The Mach-E had originally been priced at $43,995, but Ford has now reduced the price to $39,995. This is the same price as the Tesla Model Y, and is a significant discount from the original price.

The price cut is part of Ford’s strategy to compete more effectively in the electric vehicle market. Ford is hoping that the price cut will attract more customers to the Mustang Mach-E, and help the company compete with Tesla in this growing market.

The Mustang Mach-E is a five-seat electric SUV, and features a range of up to 300 miles on a single charge. It also features a range of advanced driver assistance systems, including adaptive cruise control and lane keeping assist.

Ford’s move follows Tesla’s decision to cut prices on its Model Y earlier this month. Tesla’s price cut was seen as a response to increasing competition from other automakers, including Ford.

The Mustang Mach-E is currently available for pre-order, with deliveries expected to begin in the spring. Ford is hoping that the price cut will help the Mach-E become a major player in the electric vehicle market.