Mercedes-Benz has announced that it will be lowering the base price of the 2017 E-Class by close to $1,000.

The entry-level 2017 E300 rear wheel drive sedan will start at $53,075. Pricing for the E300 4MATIC all wheel drive edition will start at $55,575. Both vehicles will be available this summer.

Dietmar Exler, CEO of Mercedes-Benz USA, indicated that the price reductions are reflective of the move to four-cylinder engines and lower production costs.

The redesigned E300 is a replacement for the outgoing six-cylinder-equipped E350 and is the first four-cylinder E-class sedan to be offered in the U.S.