Ford has announced significant price cuts for its F-150 Lightning electric truck, slashing the listed price on some trims by nearly $10,000. The most affordable “Pro” trim has been reduced from its previous MSRP of $59,974 to $49,995, while the highest “Platinum” trim with an extended-range battery has dropped from $98,074 to $91,995.
However, these new prices are not the lowest the F-150 Lightning has been. At launch, the base Pro trim was initially announced at $40,000, but only a few were made available at that price. Opting for an extended-range battery added $10,000 to the original $52,974 price of the XLT edition. Now, the same model’s MSRP starts at $69,995.
The current price cuts come after several price increases for the F-150 Lightning. In August, Ford reopened its orders with prices that were about $7,000 higher than initial prices. The price jumped two more times later in the year, in October and December, bringing the starting price for the all-electric truck to nearly $56,000. Ford has now lowered the prices back to approximately what they were in August. In May, Ford also reduced prices on its Mustang Mach-E.
These price adjustments from Ford coincide with Tesla’s announcement of the first Cybertruck built at its factory in Texas. Ford CEO Jim Farley had previously taken jabs at rival CEO Elon Musk for the slow production process of the Cybertruck. However, Farley later warmed up to Musk and agreed to adopt the Tesla NACS charging port.
Ford attributes the price cuts to improvements at its Rouge Electric Vehicle Center in Michigan. The company aims to build 150,000 Lightning trucks annually once the plant reopens in the fall. Ford also credits improved battery raw material costs for the decrease in prices.
Currently, the electric vehicle market is experiencing a period of high inventory and cooled demand. Many dealerships reportedly have more than 90 days’ worth of stock, indicating a slowdown in consumer demand. This comes after a period of high demand for electric vehicles in the previous couple of years, during which it was challenging to find stock of most major EVs on the market, including Ford’s Mach-E and F-150 Lightning.
Ford’s strategic price cuts for the F-150 Lightning come at a crucial time, aiming to attract customers in a market with increased competition and slower demand. By making the F-150 Lightning more affordable, Ford hopes to regain momentum and drive sales in the electric truck segment. The lower prices, coupled with improved production efficiencies and battery costs, may make the F-150 Lightning a more enticing option for potential buyers.
Overall, Ford’s decision to reduce prices highlights the dynamic nature of the electric vehicle market and the need for manufacturers to adapt to changing market conditions. As the competition between automakers intensifies, pricing strategies play a crucial role in capturing market share and boosting sales. By offering more affordable electric vehicles, automakers like Ford can attract new customers and accelerate the transition to a cleaner and more sustainable transportation landscape.
