On Monday, Ford Motor announced a reduction in prices for its electric F-150 Lightning pickup truck, citing successful efforts in increasing production and reducing costs associated with battery minerals.
The most notable price reduction was seen in the more affordable variants of the F-150 Lightning, which experienced a decrease of approximately $10,000. Furthermore, prices for all versions of the truck, including the high-end Platinum trim, were lowered by at least $6,000 compared to the levels set in March.
Since its launch in 2021, Ford had faced several price increases for the F-150 Lightning. These increases were largely driven by supply constraints and the elevated costs of battery minerals. Despite these challenges, Ford has been determined to enhance production and increase availability. The company anticipates that factory upgrades will result in a threefold increase in output by the fall.
To accommodate the necessary production enhancements, Ford announced the temporary closure of its Dearborn, Michigan factory, responsible for manufacturing the Lightning, for several weeks.
Price Adjustments and Market Expansion
The expansion of F-150 Lightning production, along with other electric vehicles (EVs), has been a key priority for CEO Jim Farley throughout the year. However, the journey to ramp up production has not been without obstacles. In February, a fire incident in a recently completed truck prompted Ford to halt production for five weeks. As a result, the company was only able to sell 4,466 Lightning units in the second quarter.
When the Lightning was first introduced in 2021, the base model, known as the work-truck Pro trim, had an approximate price of $40,000. Subsequent adjustments led to a price increase to around $60,000 by March. The latest price reductions have brought down the entry-level truck’s sticker price to approximately $50,000, making it more accessible to potential buyers.
As for the premium variant, the extended-range Platinum trim, its starting price has been adjusted to approximately $92,000, down from just over $98,000.
Ford is expected to announce its second-quarter earnings after the closing of the U.S. markets on July 27, which will shed further light on the financial impact of these developments. The reduction in prices for the F-150 Lightning demonstrates Ford’s commitment to making electric vehicles more affordable and expanding their presence in the market.
Ford Motor has lowered prices for its electric F-150 Lightning pickup truck, citing increased production and reduced battery mineral costs. Prices for more affordable variants will drop by up to $10,000, while all versions will see at least a $6,000 reduction compared to March levels.