Ford desires to convert Tesla owners with “Conquest Bonus Cash”.

A brand new Ford incentive called “Tesla Competitive Conquest Bonus Cash” offers existing Tesla owners a further $1,500 off the worth of a brand new Ford F-150 Lightning electric pickup truck. Ford Authority reported on Thursday.

A Ford source confirmed the discount Yahoo Finance, which added that it also applies to the Mustang Mach-E electric SUV and is valid until July 8 for the 2024 and 2023 model years. Additionally, Tesla owners don’t have to trade of their electric vehicles to receive the cash, just prove ownership, the report said.

Ford told Business Insider The Conquest bonus was introduced on April third. A Tesla representative didn’t immediately respond Fortune’s Please comment.

The Ford discount for Tesla owners recently got here from the Michigan automaker Reduce the worth of certain F-150 Lightning trim levels, whose starting price is slightly below $50,000. The Mustang Mach-E now starts at slightly below $40,000.

Of course, Ford didn’t just goal Tesla owners with its discounts. Ford Authority previously reported that it was also targeted Chevy and Dodge owners in addition to Jeep owner.

But the most recent moves add to pricing pressure in the electrical vehicle market, which had already sparked a wave of previous cuts by Tesla as overall consumer demand for electric vehicles declined in favor of hybrid models. Competitors like China’s BYD have responded with cuts of their very own.

Due to demand problems and increasing competition, Tesla shares have plunged greater than 30% yr thus far, raising alarm bells on Wall Street – even amongst once-staunch supporters.

Wedbush Securities technology analyst Dan Ives, who has been a Tesla bull since he began covering the corporate in 2018, warned in a research note Thursday that Elon Musk and the corporate face a “Category 5 demand storm” in the marketplace Experience the electrical vehicle market.

He said Tesla is currently stuck between “two waves of growth” – the primary led by rising sales of high-end electric vehicles, and a second expected to come back from mass-market electric vehicles and robotaxis. But despite that narrative, “investor patience is starting to wear thin,” Ives said.

That comes after Reuters reported Last week, Tesla scrapped plans to construct a mass-market electric vehicle called the Model 2 for under $30,000. Musk responded to the report with a comment post on X by simply saying that “Reuters is lying (again)” without making it clear.

Separately, analysts at Bank of America said in a research note Wednesday that demand issues and rising inventories could mean Tesla may very well be forced to chop prices for its EV models again unless it manages to get one to enter latest market, and that could lead on to “increasing profits pressure.”

“The introduction of a low-cost model (Model 2) is still a long way off (2026). “This leaves pricing as the primary lever for stimulating demand (which we believe has not worked very well so far),” they wrote.