Ford Motor Co (F) on Wednesday announced a discount of 40,000 yuan ($5,700) on its Mustang Mach-E electric sport-utility vehicles in China until the end of April.
China-based clients can now buy the Mustang Mach-E at prices starting at 209,900 yuan after the discount.
In November, the US auto maker had said it planned to ramp up Mustang Mach-E production, while aiming to achieve a global annual production rate of 270,000 vehicles by the end of 2023.
Ford’s Mach-E sales in China last year were minimal – only 7,782 vehicles. In comparison, Tesla sold 455,091 Model Y vehicles in China in 2022.
On the other hand, Ford sold 39,458 Mach-E SUVs in the United States last year, a 45% increase compared to 2021.
Ford manufactures the Mustang Mach-E in Mexico and China.
The shares of Ford Motor Company (F) closed 1.16% ($0.15) lower at $12.83 in New York on Tuesday, with the auto maker’s total market cap now standing at $51.143 billion.
The shares of Ford Motor Co went down 44.01% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
Analyst stock price forecast and recommendation
According to TipRanks, at least 7 out of 14 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 4 – as “Buy”. The median price target on the stock stands at $13.69.