Ford Motor Co F is set to announce a steep price hike for its electric compact crossover Mustang Mach-E in China, CnEVpost reported on Thursday, citing a social media post on Weibo.
What Happened: Ford could hike the prices from between $1,120 to up to $3,530 and is likely to announce the changes on April 30.
The legacy automaker launched the Mach-E in China in April last year at a ticket price of $42,400 to $59,184.
Mach-E competes with Tesla Inc’s TSLA Model Y which is a big volume generator for the Elon Musk-led company.
Ford did not immediately respond to Benzinga’s request for comment.
Why It Matters: Tesla was the first electric vehicle maker last month to announce steep price hikes in the U.S and China. Musk had then said inflationary pressures are making an impact on raw material prices.
Rivals Xpeng Inc XPEV, BYD Co BYDDY, and Li Auto Inc LI have also raised their prices. Nio Inc NIO had then said it will offer more features and services instead of taking immediate price hikes.
Price Action: Ford stock closed 0.98% higher at $15.5 a share on Wednesday.
Photo courtesy: Ford
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