Ford Announces Significant Price Reduction for F-150 Lightning Electric Pickup Truck
In an effort to make their electric vehicles more accessible and affordable to customers, Ford Motor Company revealed on Monday that it will be slashing prices for its F-150 Lightning electric pickup truck. Since its launch in mid-2021, Ford has had to increase prices several times due to rising material costs for essential EV battery components like lithium, cobalt, and nickel. This trend has not been unique to Ford, as Tesla also had to raise prices for several of its models.
However, recent data from automotive research firm Kelley Blue Book suggests that prices for new electric vehicles hit their peak last year and have been slowly declining since late 2022. This decrease can be attributed in part to federal tax breaks and the decreasing cost of lithium.
Ford will be reducing the cost of its base model, the Pro, by approximately $10,000, bringing it down to just under $50,000. Despite this reduction, the starting price for the F-150 Lightning remains at $40,000. The Platinum Extended Range, the most expensive model, will see a decrease of over $6,000, now priced at $92,000. On average, prices for all models have dropped by approximately $8,000.
The company stated that these price cuts are made possible by increased plant capacity and ongoing efforts to improve production scaling and reduce battery raw material costs. As part of these efforts, Ford’s vehicle assembly plant in Michigan is currently undergoing final upgrades to triple its production capacity starting in the fall.
Marin Gjaja, the Ford Model Director of Customer Service, expressed the company’s commitment to improving accessibility and affordability, with the goal of lowering prices and reducing wait times for customers interested in purchasing the F-150 Lightning. Gjaja stated, “We continue to work behind the scenes to improve accessibility and affordability with the goal of lowering prices for our customers and shortening wait times for their new F-150 Lightning.”
Additionally, customers who opt for these discounted models will be eligible for a tax credit of up to $7,500 under the Inflation Reduction Act of 2022, according to Ford. These revised prices will take effect in October, making the F-150 Lightning more attractive and accessible to prospective buyers.