Shares of Rivian Automotive (NASDAQ: RIVN) fell on Monday after Ford (NYSE: F) cut the price of its popular Mustang Mach-E crossover. As of 2:25 p.m. ET, Rivian's stock price was down more than 7%.
Ford reduced the manufacturer's suggested retail price (MSRP) on the Mustang Mach-E by as much as $5,900 on some models. The auto giant also announced its plans to ramp up production of the all-electric sports utility vehicle (SUV). The Mustang Mach-E was the third-best-selling electric vehicle (EV) model in the U.S. in 2022.
Ford said the price cuts signify its desire to provide more value to its customers, while the production increase is intended to reduce buyer wait times. Ford believes that, together, these moves will help it gain market share in the booming EV industry. The automaker currently stands as the No. 2 EV manufacturer in the U.S.
Source Fool.com