The electric vehicle market has slowed recently and Ford is targeting the top electric vehicle maker, offering a special discount to attract You’re here the owners.
A new Ford incentive called Tesla Competitive Conquest Bonus Cash offers existing Tesla owners an additional $1,500 off the price of a new Ford F-150 Lightning electric pickup truck, Ford Authority reported Thursday.
A Ford source confirmed the discount Yahoo financewhich added that it also applies to the Mustang Mach-E electric SUV and will continue until July 8 for the 2024 and 2023 model years. Additionally, Tesla owners do not need to ‘trade in their electric vehicles to claim money, and simply have to prove ownership, the report says.
Ford said Business Insider The “Conquest” bonus was launched on April 3. A Tesla representative did not immediately respond to the request. The wealth request for comment.
Ford’s discount for Tesla owners comes as the Michigan automaker recently reduce the price of certain versions of the F-150 Lightning, which has a starting price of just under $50,000. Meanwhile, the Mustang Mach-E starts at just under $40,000.
Certainly, Ford hasn’t just targeted Tesla owners with its rebates. The Ford Authority earlier indicated that it had also targeted Chevrolet and Dodge owners as well as Jeep owners.
But the latest measures add even more price pressure to the electric vehicle market, which had already seen Tesla unleashed a wave of budget cuts with consumer demand for electric vehicles decreasing overall in favor of hybrid models. Rivals like The Chinese BYD responded with their own reductions.
In the middle of demand problems and rising competitionTesla stock has plunged more than 30% since the start of the year, raising alarms on Wall Street, even among its once-loyal supporters.
Wedbush Securities technology analyst Dan Ives, who has been a bull on Tesla since he began covering the company in 2018, warned in a research note Thursday that Elon Musk and his company are going through a “Category 5 demand storm» in the electric vehicle market.
He said Tesla is currently stuck between “two waves of growth”: the first, led by the surge in sales of premium electric vehicles, and the second, expected to come from mainstream electric vehicles and robo-taxis. . But despite that narrative, “patience is starting to wear thin among investors,” Ives said.
This comes after Reuters reported Last week, Tesla abandoned plans to build a consumer electric vehicle worth less than $30,000 called Model 2. Musk responded to the report in a job on Xsimply saying that “Reuters is lying (again)”, without specifying.
Separately, Bank of America Analysts said in a research note published Wednesday that demand issues and rising inventories mean Tesla may be forced to cut prices again on its electric vehicle models unless it is able to exploit a new market, which could lead to “increasing pressure on profits”.
“The introduction of a low-cost model (Model 2) is still far away (2026). This leaves pricing as the main lever to stimulate demand (which, we note, has not worked very well so far),” they wrote.
