Ford Motor Co F 2.86% has added another variant of its all-electric sports utility vehicle Mustang Mach-E in China for under RMB 300,000 ($46,000), thus qualifying it for state-led subsidies, the company announced on Saturday.
What Happened: The Detroit-based automaker has started accepting bookings for the new long-range rear-drive version RMB 282,000 ($43,500) after subsidies.
The new variant is priced above a previously announced standard range rear-wheel-drive version that is priced at RMB 265,000 ($40,899).
Ford now has two Mach-E variants among five that qualify for the subsidies.
The automaker said it added a second model that qualifies for a subsidy after listening to user needs. The latest addition will have an increased range of 105 kilometers (65.24 miles), the company said.
Only vehicles priced below RMB 300,000 are eligible for the new energy vehicle subsidy in China.
Why It Matters: Tesla Inc’s TSLA 0.98% locally-built, more affordable variant of electric mid-size SUV Model Y in China, which qualifies for a subsidy as well, is reportedlyreceiving a flood of ordersafter the Elon Musk-led company introduced it earlier this month.
The locally-built Model Y standard variant in China is sold under RMB 300,000 ($46,000) and is expected to begin deliveries in August.
Chinese rival Nio Inc NIO 2.06% sells the six-seater and seven-seater ES8 SUV, five-seater ES6s and five-seater EC6 coupe models, which are more expensive and not eligible for the subsidies as they are all priced over the RMB 300,000 limit.
Price Action: Ford shares closed 2.86% lower at $13.61 on Friday.
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