A Ford F-150 Lightning electric truck is showcased at the 2022 North American International Auto Show NAIAS in Detroit, United States, on September 14, 2022.
Image: Michael Strong | Xinhua News Agency | Getty Images
Ford Motor has announced a significant reduction in prices for its electric F-150 Lightning pickup truck. The company attributes this price drop to successful efforts in increasing production and lowering the costs of battery minerals.
According to Ford, prices for the more affordable variants of the Lightning will decrease by almost $10,000. Meanwhile, prices for all versions, including the high-end Platinum trim, will have a minimum reduction of $6,000 compared to the prices set in March.
Since its launch in 2021, Ford had raised the prices of the Lightning multiple times due to supply constraints and soaring prices of battery minerals. However, the company has been working relentlessly to ramp up production, and with factory upgrades set to triple output by fall, Ford expects to meet the growing demand for the electric truck.
In order to implement these production upgrades, the Dearborn factory in Michigan, where the Lightning is manufactured, will undergo temporary closure for several weeks.
Boosting the production of the Lightning, along with other Ford EVs, has been a key objective for CEO Jim Farley this year. However, the journey hasn’t been without challenges. Following a fire incident in a freshly built truck in February, production was halted for five weeks, which resulted in low sales of only 4,466 Lightnings in the second quarter.
At its initial launch, the lowest-priced variant of the Lightning, known as the work-truck Pro trim, was priced around $40,000. Subsequent price increases brought it up to around $60,000 by March. With the recent price cuts, the entry-level truck’s sticker price will be approximately $50,000.
The most expensive variant, the extended-range Platinum trim, will now start at about $92,000, down from just over $98,000.
Ford is scheduled to release its second-quarter earnings after the U.S. markets close on July 27.
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