Volvo steers clear of Ford and Tesla’s electric-car price war
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VOLVO said it won’t follow Tesla Inc and Ford Motor Co in lowering prices for its electric vehicles anytime soon.
The carmaker is enjoying robust demand for its fully battery-powered models, chief financial officer Johan Ekdahl said in an interview Thursday (Feb 9).
“We feel comfortable in our pricing strategy and will not engage in price wars,” he said.
Ford last month slashed the price of its electric Mustang Mach-E by an average of US$4,500 in response to earlier cuts from Tesla, the biggest producer of EVs. Analysts have said they expect more discounting across the industry as additional EV models come to market and manufacturers overcome supply-chain issues that have curtailed production.
Only if prices for raw materials were to normalise would the carmaker controlled by China’s Zhejiang Geely Holding Group Co consider adjusting prices, chief executive officer Jim Rowan said in the same interview. “It’s not driven by demand,” he said. BLOOMBERG
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