Ford CEO Jim Farley said on Wednesday that price cuts in the electric vehicle market were "a worrying trend" after the U.S. automaker dropped prices for its Mustang Mach-E in response to a series of reductions by rival Tesla, APA reports citing Reuters.
Ford on Tuesday announced a price cut of up to 8% of its Mustang Mach-E electric vehicle, the second cut the automaker announced this year.
Farley compared the price war in the EV market to Henry Ford's series of price cuts for the Model T starting in 1913. But the Ford Chief said the company founder's strategy ultimately put Ford at risk.
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