Tesla (NASDAQ: TSLA) stock has been on a tear to start the year. After a 65% correction in 2022, Tesla shares have soared 40% so far in 2023. Its winning streak was put on hold today, though, with the stock dropping more than 5% Monday morning. As of 12:25 p.m. ET, the shares were still down 3.1%.

After Tesla cut prices on its Model Y SUV by as much as $13,000 earlier this month, Ford has announced a price cut of its own on its competing Mustang Mach-E SUV. Ford is dropping the cost of a Mach-E by as much as $5,900 per vehicle, depending on the model, according to Reuters. The move has Tesla investors worried that a downward spiral in electric vehicle (EV) prices will erode Tesla's profits.

Image source: Tesla.

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Source Fool.com