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The Ford F-150 Lightning electric truck is shown at the 2022 NAIAS North American International Auto Show in Detroit, US, on September 14, 2022.
Michael Strong | Xinhua News Agency | Getty Images
Ford Motor Co. on Monday cut prices for its F-150 Lightning electric pickup truck, saying its efforts to boost production and lower battery metal costs have paid off.
Ford said prices for some of the less expensive versions of the lighting will drop by about $10,000. Prices for all versions, including the high-end Platinum model, will drop by at least $6,000 from levels set in March.
The company has increased prices for Lightning several times since its 2021 debut, citing supply constraints and sharply higher prices for the metal used in electric truck batteries. Ford has been increasing production of the truck in recent months, with factory upgrades expected to triple production by fall.
Ford said Monday that the Dearborn, Michigan, plant that makes the Lightning will be closed for several weeks while production upgrades are put in place.
Increasing production of the Lightning and other Ford EVs has been a major priority for CEO Jim Farley this year. But efforts to increase production have not been smooth sailing. Ford sold just 4,466 Lightnings in the second quarter after a fire on a just-completed truck in February halted production for five weeks.
At the time of its 2021 debut, the lowest-priced version of the Lightning—the Work Truck Pro—was about $40,000. And this price increased several times, reaching about 60 thousand dollars in March. Monday’s cuts lowered the entry-level truck’s sticker price to about $50,000.
The most expensive Lightning, the extended-range Platinum Edition, will now start at around $92,000, down from $98,000.
Ford is scheduled to report second-quarter earnings after US markets close on July 27.
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