Ford falls after it slashes the price of the Mustang Mach-E in response to Tesla's recent price cuts
But Gjaja said Ford's Mach-E price cuts were not a direct response to Tesla's, which ranged from 6% to 20%.
"We have a different product. We have different customers. We try to have an offering that we think is better than Tesla's and then we try to price accordingly to what we think is appropriate in the market," Gjaja said. Currently, Tesla's Model 3 and Model Y are the top selling electric vehicles in the United States, with the Mustang Mach-E in third place.
The EV price cuts also come at a time when economic worries are growing, with many economists expecting a recession to hit the US later this year. If a recession does materialize, new vehicle purchases would be one of the first items consumers would scale back on.
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