Yes, the electric vehicle price war has likely begun. Last month’s Tesla price cuts slashed up to 20 per cent of the cost to buy the EV maker’s vehicles. Then in a rare move, Ford dropped prices on its Mustang Mach-E lineup last week by up to nine per cent. Those first dramatic shots over the bow are almost certainly not the end of it. Recent financial updates from Ford, Tesla, and others suggest that there’s growing pressure to cut prices on EVs—or at least to stop raising them. It will take cost cuts for parts, better manufacturing efficiency, and, in some cases, ramped-up production of gasoline trucks to get there. Legacy automakers, particularly the U.S. Big Three, need cash-cow profits from full-size pickups to support their investments in EVs. Read original article here.
