Ford began taking reservations for its 2023 Mustang Mach-E on Thursday after a four-month hiatus due to short supply.
The automaker also boosted the battery-electric SUV’s range and upped the price amid economic headwinds, such as inflation and rising costs for battery materials. Ford closed the order bank for the 2022 model year last spring when a global semiconductor shortage stymied production.
The new pricing, which goes into effect Tuesday, is “due to significant material cost increases, continued strain on key supply chains, and rapidly evolving market conditions, and will continue to monitor pricing across the model year,” the company said in a statement.
Pricing for new orders will start at $46,895 for the rear-wheel-drive base trim with standard range (about a 7% increase) and just below $70,000 for the top-of-the-line GT Extended Range edition.
The Mach-E SUV’s Premium models with the Extended Range battery will be able to travel 290 miles on a fully charged battery, 13 miles longer than the outgoing model.
Ford is also adding its Co-Pilot360 Driver Assist Technology as a standard safety feature. The hardware will enable customers to receive future over-the-air updates for its Advanced Driver Assistance Systems (ADAS), according to Marin Gjaja, chief customer officer for Ford’s Model e division.
The automaker, which aims to sell more than 2 million EVs annually by 2026, is investing tens of billions of dollars to boost its production capacity worldwide. Ford said Monday it plans to lay off about 3,000 salary and contract workers to manage costs.
“We are eliminating work, as well as reorganizing and simplifying functions throughout the business,” Executive Chairman Bill Ford and CEO Jim Farley wrote in a letter to employees.
Earlier this month, Ford raised the price of its F-150 Lightning battery-electric pickup truck, with increases ranging between $6,000 to $8,500 depending on the trim. The 2023 Lightning will start at $46,974 and top out at nearly six figures.
Correction: The article was corrected to show pricing increases begin Tuesday, August 30.