Ford Motor (NYSE: F) intends to boost production and slash prices on its Mustang Mach-E electric vehicle, following the lead of Tesla (NASDAQ: TSLA) and diving headfirst into what is quickly becoming an electric vehicle (EV) price war.

The Mach-E has not been profitable for Ford even at higher price points, so the move comes with significant risk. But it also speaks to the progress the automaker has made in ramping up its EV supply chains, and it reaffirms this legacy automaker's commitment not to go the way of the dinosaur as the vehicle power train revolution advances.

Ford is cutting prices on the full range of Mustang Mach-E trims by an average of $4,500 per vehicle, cutting the high-end GT Extended Range model by $5,900. The move comes just a couple of weeks after Tesla cut its prices by as much as 20%, and Ford execs alluded to the Tesla decision in their announcement.

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Source Fool.com