A MAJOR car brand has slashed the cost of a popular EV motor by £7,000 as electric cars fall in value.
Ford has significantly reduced the price of its Mustang Mach-E SUV amid a string of plummeting costs by premium manufacturers.
Other industry giants are in the same boat, with Elon Musk's popular brand Tesla one of the worst affected, as well as other high-end models from BMW and Mercedes-Benz.
These companies saw their average cost of EV's fall up to 24.1 per cent each year.
Tesla has already slashed UK prices of its new cars multiple times in 2023, which in turn has also hammered the value of second-hand models.
It comes as research by online motor marketplace, AutoTrader, revealed the average price for a used electric cars has dropped by 21.4 per cent this month.
The Ford Mach-E now starts at £43,830 for the entry-level Select version, which comes in less than Elon Musk's cheapest Tesla model, as reported by Autocar.
It boasts a huge range of up to 273 miles, while the Mach-E Premium offers a whopping 372 miles.
This model now costs just over £52,000, and the GT will set EV owners back £67,540.
While the manufacturer have called their discounts as "promotion" prices, the firm has not set an end-date.
Most read in Motors
This comes as another major car firm has made a U-turn on the decision to scrap a popular petrol model - because it's cheaper than EVs.
French firm Renault has decided it will continue to offer customers an affordable petrol Clio and abandon plans to go fully electric for the moment.
And, squashing plans to go electric brings the costs down to £17,795 which makes it cheaper than rival models such as the Vauxhall Corsa.
Meanwhile a huge manufacturer slashed EV production as the demand for electric models falls.
VW has announced that EV production at their factory in Zwickau, Germany will be put on hold until October 16.
Meanwhile the assembly line for the ID.3 model in Dresden will shut down for the first two weeks of the month.
Cratering demand on the continent and the scrapping of major government subsidies to incentivise the building of EVs are understood to be at the root of the decision.
The drop in motorists purchasing EVs comes as Rishi Sunak put the brakes on banning all other car types.
ncG1vNJzZmivp6x7tbTErKynZpOke7a3jqamraeiqHxzgJJwaGxxaWS6orbOq2ScmaJir7OtzZ1krKSRqLWmv4ycpqysXaSzbrzOqaylmaJisrd5zKirqKpf