Ford Motor Co. on Monday slashed prices on its Mustang Mach-E electric SUV by $5,900 per vehicle, weeks after cutting prices on Tesla electric cars worldwide by 20 percent, Reuters reported.

Ford also said it is significantly increasing production of the Mach-E. Ford sold 39,458 Mach-E models in the U.S. last year, up from 27,140 in 2021.

Ford is slashing prices by up to 8 percent on various versions of the Mach-E, as well as on the battery-powered extended-range model by about 19 percent. Prices for the lowest-priced models are reduced by $600 to $900.

The company said existing Mustang Mach-E customers awaiting delivery of the cars will automatically receive price reductions.