Ford is reducing the price of its F-150 Lightning electric truck by up to $10,000 across all variants, aiming to bring the vehicle closer to its initial pricing. The base F-150 Lightning Pro will see the largest reduction, dropping nearly $10,000 to $49,995. The top-end Platinum Extended Range model’s price will be reduced by just over $6,000, resulting in an MSRP of $91,995.
The cost savings are attributed to several factors, including increased plant capacity, ongoing efforts in scaling production and cost, and improved battery raw material costs. Ford’s Rouge Electric Vehicle Center in Michigan is currently closed for upgrades to support the production of 150,000 F-150 Lightning trucks annually. The company expects improved availability of the electric truck as early as October.
Last year, Ford increased the prices of all F-150 Lightning trims, and additional price hikes occurred for the base model in December and March due to supply issues and higher material costs. Over the past few months, the F-150 Lightning Pro has been priced at around 50% more than its initial pricing.
Although the F-150 Lightning has not yet reached its original starting price of $40,000, the recent price reductions will be welcomed by those considering purchasing the vehicle. Customers who place an order for an XLT, Lariat, or Platinum trim by July 31st will receive a $1,000 bonus. Additionally, buyers will be eligible for up to $7,500 in tax credits. Orders for the F-150 Lightning are now open to the general public.
Coinciding with Ford’s price adjustments, Tesla has commenced production of its Cybertruck. Tesla has been reducing the prices of its electric vehicles multiple times this year to boost deliveries and enhance competitiveness in the increasingly crowded market. Notably, F-150 Lightning owners will have access to over 12,000 Tesla Superchargers across the United States and Canada for recharging their vehicles’ batteries starting in early 2024.
