By Zach Jewell
The price of Ford’s Mustang Mach-E will see up to an $8,475 increase next week due to what the company says are “significant material cost increases” and “evolving market conditions.”
Buyers will face the higher price tag on the electric vehicle (EV) when order banks for the 2023 model reopen on Tuesday, CNBC reported. The increase comes just weeks after President Joe Biden signed the Democrats’ Inflation Reduction Act, a massive climate spending bill that handed out tax credits to Americans willing to purchase certain EVs.
The Mustang Mach-E 2022 models were priced between 44,000 and $62,000, but the 2023 makes of the EV will cost as high as $70,000 with the cheapest option being $47,000. Earlier this month, Ford also increased prices on its electric pickup truck, the F-150 Lightning, for similar reasons, according to CNBC. Tesla, Rivian, Lucid, and GM have also raised prices on EVs this year.