Ford is reducing the prices of its electric F-150 Lightning pickup trucks by nearly $10,000 in an aggressive move to gain market share from competitors Tesla and Rivian.
The 17 percent price drop brings the cheapest electric F-150 in line with the average price of $47,490 for all new cars. This is considered an important milestone in affordability as automakers transition away from fossil fuels. Tesla recently implemented a similar price reduction for its Model Y crossover SUV, putting it in the same price range. The timing of Ford’s price drop closely coincides with the delayed launch of Tesla’s Cybertruck pickup.
Ford attributes the price reduction to cheaper batteries and production improvements at its Rouge Electric Vehicle Center in Michigan. The company had previously faced production issues and raised prices due to battery component problems. However, with this announcement, the electric F-150 Lightning is now closer to its original pricing plan. The production center is currently closed for upgrades according to a press release.
Marin Gjaja, Chief Customer Officer for Ford’s EV unit, stated that the company has been working to improve accessibility and affordability, leading to the price reduction. Ford hopes to shorten the wait times for customers and increase sales of the F-150 Lightning.
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The price reductions bring the standard “Pro” model from $59,974 to $49,995, the Lariat 510A from $76,974 to $69,995, and the Platinum Extended Range model from $98,074 to $91,995. These prices do not include federal tax credits for EV buyers.
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