Ford increased its EV production and cut the price of its electric Mustang Mach-E models by $600 to $5,900.  The automaker said it keeps its prices competitive and reduces customer wait times. The move comes weeks after Tesla lowered the price of some of its vehicles. Ford released its Mustang Mach-E in late 2020 to rival Tesla’s Model Y. The Mach-E has a starting price of $46,000, with its fully loaded versions costing over $60,000. Earlier this month, Tesla cut the prices of some of its vehicles sold in the U.S. by almost 20%. Tesla’s price cut on its baseline Model Y crossover and high-performance Model 3 sedan enables customers to qualify for the $7,500 EV federal tax credit. The tax incentive is for U.S.-made EVs priced below $55,000. Ford shares were down more than 2% during afternoon trading following news of the price cut.