Ford offers Tesla drivers $1,500 discount to switch
Spencer Platt/Getty Images and Kayla Oaddams/WireImage
- Ford is offering Tesla owners a special discount on its F-150 Lightning and Mustang Mach-E.
- The discount is reportedly called "Tesla Competitive Conquest Bonus Cash."
- This move comes as Ford reportedly faces challenges in offloading its electric cars.
Ford is taking aim at Tesla.
The automaker launched an initiative earlier this month to give Tesla owners a special discount on some of its cars.
Ford is offering Tesla owners who purchase a F-150 Lightning or Mustang Mach-E an extra $1,500 off.
Ford Authority was the first to report on the discount. A spokesperson from the company confirmed the incentive and told Business Insider the program launched on April 3.
People who choose to use the discount don't have to trade in their Tesla, only prove they own one, a source told Yahoo!Finance. The publication said the discount is titled the "Tesla Competitive Conquest Bonus Cash" and will be available up until July 8.
Separately, Ford dropped prices for some of its F-150 Lightning trucks on Thursday, according to a report from CNBC. The publication said Ford dropped its prices between $2,000 and $5,500, depending on the trim level of the vehicle.
The 2024 models of the vehicles currently have starting prices of $54,995 and $39,995, respectively. Tesla's cheapest vehicle, the Model 3, has a starting price of $38,990, while its Cybertruck electric pickup truck starts at $60,990.
Ford has faced pressure from Tesla's aggressive price cuts over the past year.
There have also been signs the automaker has been struggling to offload its electric cars. Last year, BI reported Mustang Mache-E SUVs were piling up on dealer lots. Ford also postponed about $12 billion in planned spending on its EV ventures in 2023.
In December, Ford announced it was reducing production of its electric pickup truck, the F-150 Lightning. In February, the company halted F-150 Lightning shipments over an undisclosed quality issue. And on Thursday, the company resumed shipments, according to CNBC.