Ford Motor has announced a significant price reduction for its electric pickup truck, the F-150 Lightning. With fierce competition among major automakers in the electric vehicle market, Ford aims to attract more attention from potential EV shoppers. The company explained that improved access to raw materials for the truck’s battery and upgrades to its suburban Detroit factory have enabled it to lower prices. Additionally, these developments will result in faster delivery times for customers who have custom-ordered the F-150 Lightning.
“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints, and other factors drove up the cost of the EV truck for Ford and our customers,” said Marin Gjaja, the chief customer officer for Ford’s electric vehicle line. “We’ve continued to work in the background to improve accessibility and affordability to help lower prices for our customers and shorten the wait times for their new F-150 Lightning.”
This price adjustment by Ford partially reverses the previous price hikes in 2022 and early 2023 that were attributed to higher material costs. The F-150 Lightning is available in seven different models, including the Pro, Platinum Extended Range, and Lariat. The Pro, which is the least expensive model, now costs $49,995 after a $9,979 price reduction. The Platinum Extended, the priciest version, now costs $91,995, marking a $6,079 drop in price.
Here are the prices of other models, including the price drops:
- XLT 311A: $54,995 ($9,479 reduction)
- XLT 312A: $59,995 ($8,479 reduction)
- XLT 312A Extended Range: $69,995 ($8,879 reduction)
- Lariat 510A: $69,995 ($6,979 reduction)
- Lariat Extended Range: $77,495 ($8,479 reduction)
Ford expects that once the F-150 Lightning’s factory in Dearborn, Michigan completes its final round of upgrades in the fall, it will be capable of producing 150,000 trucks annually.
As the number of electric vehicle options increases, automakers are utilizing price reductions as a strategy to attract customers interested in eco-friendly vehicles. The F-150 Lightning, introduced by Ford in April 2021, is one of only eight EVs eligible for a full $7,500 tax credit.
In a recent development, Tesla, a key competitor in the electric vehicle market, also reduced the price of one of its mid-sized sedans. Tesla also announced the completion of its first EV truck, the Cybertruck, which is expected to compete with Rivian’s R1T truck and the F-150 Lightning for customers.
Analyst Dan Ives of Wedbush Securities suggests that Ford’s decision to lower prices may be motivated by potential competition from the Cybertruck and other upcoming models.
Ford has made a significant investment in the F-150 Lightning, including the establishment of a new facility for a vehicle that has already received the title of the 2023 MotorTrend Truck of the Year. The truck’s popularity was evident when the pre-order list surpassed 100,000 within three weeks of its initial announcement in 2021. Ford plans to deliver 600,000 trucks this year.
Ford stopped providing monthly sales figures for the Lightning starting in January, but they reported selling 4,466 Lightnings in the second quarter, up from 4,291 in the first quarter. Production of the Lightning was temporarily halted in February due to a battery issue.
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