Ford said it hopes to offset further deterioration in margins by boosting production by 67% this year. The lowest-priced Mach-E now starts at $45,995, down $900, while the biggest drop is the GT Range Extender, which starts at $63,995, down $5,900.

The price cut will make at least one version of the Mach-E once again eligible for the $7,500 U.S. federal tax credit, which requires an EV with an MSRP of $55,000 or less.

Marin Gjaja, chief customer officer for Model e, Ford’s electric vehicle business, said production of the Mach-E will increase to 130,000 this year, up from 78,000 last year. The Mach-E plant in Cuautitlán, Mexico, is currently idle and will come back online in February after restructuring to expand capacity. Ford said in November that it was ramping up production of the Mustang Mach-E with a goal of reaching 270,000 annual global productions, including in China, by the end of 2023.

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