Ford Motor Co's (NYSE:F) model year 2025 Mustang Mach-E will start at $36,495, much lower than the starting price of the model year 2024 version of the SUV, the company said on Monday.

What Happened: "For the 2025 Ford Mustang Mach-E, we've made some big updates based on customer requests: added a heatpump, relocated the shifter for more console space, an optional sport appearance package, plus #BlueCruise 1.5 with automatic lane changes," Ford CEO Jim Farley said on social media platform X.

The 2025 Mustang Mach-E will go on sale in early 2025 and will be available in three new color options including Molten Magenta Metallic Tinted Clearcoat, Velocity Blue Metallic, and Desert Sand. The company has also introduced three new wheel designs.

The starting price on the vehicle, Ford said, will be $36,495, 8.8% lower than the starting price of model year 2024 Mach-E.

Why It Matters: The Mach-E was Ford's best-selling EV in the U.S. in the last quarter. The company sold 13,392 Mach-E SUVs in the three months through the end of September, accounting for 57% of its overall EV sales in the period. In fact, it was the second best-selling electric SUV in the third quarter in the U.S., after Tesla Inc.'s Model Y.

The Tesla Model Y is the EV giant's best-selling offering. It starts at $44,990 in the U.S. for its cheapest variant.

Ford's EV segment called Model E, however, continues to accumulate losses. For the whole year, Ford expects to incur a loss of $5 billion to $5.5 billion within the EV segment.

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Photo courtesy: Ford