Ford CEO Jim Farley said Wednesday price cuts in the electric vehicle market "is a worrying trend" after the U.S. automaker cut prices following a series of reductions by rival Tesla.

Ford on Tuesday announced a price cut of up to 8% of its Mustang Mach-E electric vehicle, the second cut the automaker announced this year. "You do not want to commoditize the product," Farley said at a Wall Street Journal forum.

"The resale value for people who bought at higher prices is awful," Farley said. "They never forget."

Ford will follow Tesla price cuts, but Farley said "there’s a limit to how far we’ll go."