Ford targets Tesla owners with $1,500 EV 'conquest' rebate

Ford (<a href=«https://finance.yahoo.com/quote/F?.tsrc=» https: data-i13n=«cpos:1;pos:1» data-ylk=«elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:1;»>F

) is targeting one automaker in particular when it comes to boosting EV sales — Tesla (<a href=«https://finance.yahoo.com/quote/TSLA?.tsrc=» https: data-i13n=«cpos:2;pos:1» data-ylk=«elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:3;»>TSLA).

As first noted by CarsDirect.com (via Ford Authority), Ford sent out an incentive bulletin to its dealers offering a $1,500 rebate specifically for Tesla owners who purchase an F-150 Lightning.

A Ford dealer source confirmed the Lightning incentive and noted that the $1,500 incentive applies to the Mustang Mach-E SUV as well. The source said prospective buyers don’t have to trade in their Tesla EV, only that they have to prove ownership of a Tesla vehicle.

Dubbed «Tesla Competitive Conquest Bonus Cash,» the fine print notes that prospective buyers must currently own or lease a 2008 or newer Tesla to qualify for the incentive, which runs through July 8 for both 2024 and 2023 model years.

Ford and Tesla shares are both trading slightly lower in midday trade, but Rivian shares are tumbling on concern that Ford’s new incentive may boost Lightning sales at the expense of Rivian’s R1Tpickup. The EV landscape in the US has been hit with demand concerns in recent months, with sales growth slowing in Q1 to 3.3%, far below the 47% growth seen last year.

Ford’s incentive is somewhat unusual since manufacturers rarely target specific automakers when offering rebates; typically a “conquest” incentive targets owners of a particular type of vehicle (pickup trucks or EVs) or a vehicle segment (luxury brands).

When combined with other Ford incentives, the discounts add up. Currently, Ford is offering $7,500 in bonus cash for 2023 Lightnings in XLT extended battery trim, $5,000 in bonus cash for the 2023 Lightning Lariat, and $12,500 for range-topping Platinum models.

Though Ford hasn’t announced 2024 pricing yet, reports suggest Ford has cut prices for the F-150 Lightning by up to $5,500 on those newer models, depending on the trim level. Ford will lower the upcoming mid-range “Flash” trim by