- Ford on Monday announced significant price cuts for all versions of its electric F-150 Lightning pickup.
- The cheapest version of the Lightning will now start at around $50,000, a cut of around $10,000.
- All versions of the EV will see a price cut of at least $6,000 as Ford works to ramp up production this fall.
A Ford F-150 Lightning electric truck is on display at the 2022 North American International Auto Show NAIAS in Detroit, United States, on September 14, 2022.
Michael Strong | Xinhua News Agency | Getty Images
Ford Motor on Monday cut prices for its electric F-150 Lightning pickup truck, saying efforts to increase production and reduce the cost of battery minerals have paid off.
Ford said prices for some of the least expensive versions of the Lighting would drop by nearly $10,000. Prices for all versions, including the top-of-the-line Platinum trim, will drop at least $6,000 from levels set in March.
Ford had raised prices for the Lightning several times since its 2021 debut, citing supply constraints and sharply higher prices for the minerals used in the electric truck’s batteries. Ford has been working to ramp up production of the truck in recent months, with factory upgrades expected to triple production by the fall.
The Dearborn plant that makes the Lightning will be closed for several weeks while production upgrades are in place, Ford said Monday.
Increasing production of the Lightning and other Ford electric vehicles has been a top priority for CEO Jim Farley this year. But efforts to increase production have not been consistent. Ford sold just 4,466 Lightnings in the second quarter after a fire in a recently completed truck in February caused it to shut down production for five weeks.
At the time of its 2021 debut, the cheapest version of the Lightning — the Pro-trim work truck — was around $40,000. That price was raised several times, reaching about $60,000 in March; Monday’s cut reduces the truck’s sticker price to about $50,000.
The most expensive version of the Lightning, the range-extended Platinum trim, will now start at around $92,000, down from just over $98,000.
Ford will report second-quarter earnings after US markets close on July 27.