Now might be a good time if you have been holding off on getting into a new electric SUV. Ford Mustang Mach-E prices are coming down, and Ford plans to bump up production at the same time. What kind of savings is Ford offering on its popular electric sport utility vehicle?

Ford is cutting Mustang Mach-E prices by $600 or more.

This morning, CNBC announced Ford would cut prices and increase production on its popular Mustang Mach-E electric SUV. Ford says it will lower the cost of the Mach-E from $600 up to $5,900 to make it more competitive with the Tesla Model Y. The average price drop is $4,500, depending on your chosen model. Tesla recently lowered Model Y prices, leading to increased sales over the last few weeks. However, Model Y prices were up to $13,000 in some cases.

Some Wall Street analysts praised Tesla for the price cuts as a way to increase sales and demand. While some worried it would cut profits, Tesla did not seem too concerned. Analysts predicted other automakers would follow suit, which is exactly what Ford is doing.

The consequences of this mean that not all Ford Mustang Mach-E trim levels will be profitable, Marin Gjaja, chief customer officer of Ford’s electric vehicle business, told CNBC. However, Gjaja said production would increase from 78,000 to 130,000 units yearly.

The Ford Mach-E price ranges from about $46,000 to $64,000

In a recent media call, Gjaja said Ford was “responding to changes in the marketplace. As we look and want to stay competitive in the marketplace, we’re having to respond.” Ford plans to offset the smaller profit by increasing production and cutting costs elsewhere. Ford Mustang Mach-E prices will range from about $46,000 to $64,000. The Tesla Model Y ranges from $53,500 to $57,000.

In 2022, CNBC reported that Ford’s Mach-E helped the automaker take second place for a best-selling electric vehicle. Ford still trailed Tesla by quite a bit, selling 65,000 electric vehicles in the U.S. in 2022. Tesla estimates it sold more than 520,000 electric vehicles in the same period.

In other good news, Ford also says that customers waiting for a Mach-E will receive the adjusted amount automatically. Ford says it will reach out with some offer for those who have taken order of the EV between now and the start of the year. Those interested in utilizing Ford Credit between January 30 and April 3 will also receive special rates as low as 5.34%.

At the time of publication, the IRS says that 2023 Ford Mustang Mach-E EVs under $55,000 qualify for the federal tax credit. Both Tesla Model Y trims are currently eligible for the $7,500 federal tax credit, which could change in March. Higher MSRPs made both vehicles ineligible due to recent changes in the new year.

If you have been waiting to order a Mach-E, it might be time.

The automaker has not announced which trim levels will be profitable after cuts, but it does plan to report more financial results later this year. Ford’s electric vehicle business, known as Model e, has financial and sales information wrapped up with the traditional vehicle sales side.

“We want to make money. Don’t get me wrong; we absolutely want to make money. Believe you me, I know that we need to be trying to get more profitable because we will be publicly accountable for that number,” Gjaja commented. Ford is upgrading its production plant in Mexico, which should start production again later next month.

While Ford Mustang Mach-E prices are at a low right now, that could change at any moment. If Tesla Model Y sales are any indication, you won’t want to wait too long to place an order. Depending on when delivery takes place, those at the back of the queue might see delays or other issues.