For the past few months, Tesla is making price reduction announcements frequently
And, this has created a buzz in the auto industry
Ford CEO Jim Farley feels these frequent price cuts can start an EV price warÂ
Farley states that this move by Tesla is creating challenges for new rival companies who are trying to establish their production and supply chains
Elon Musk's decision to bring down the cost of mid-size crossover SUVs can turn this popular model into a commodity, stresses Farley
Ford has brought down the price of its Mach-E electric crossover to match the range of Tesla Model Y
Till now, Tesla has announced price cuts of about 20% on all its models
The EV company is also pushing in terms of production numbers
Musk has indicated that apart from production, the company intends to keep the pricing pressure on