Ford has announced a price reduction for its F-150 Lightning electric pickup truck due to increased plant capacity and falling costs of raw materials for batteries. The company is scaling up production internally to offer customers a more affordable electric vehicle amid the intensifying pricing competition with rivals like Tesla and General Motors.
Ford’s final upgrades at its Rouge Electric Vehicle Center in Michigan will enable greater availability of the F-150 Lightning, with a built-to-order truck expected as early as October. The manufacturer’s suggested retail price (MSRP) for the Pro model will be lowered to $49,995 from $59,974, while the Lariat 510A’s MSRP will drop to $69,995 from $76,974.
Marin Gjaja, Chief Customer Officer for Ford Model e, acknowledged that rising material costs and supply constraints had driven up the cost of the EV truck. However, Ford has been working behind the scenes to improve accessibility and affordability, aiming to lower prices for customers and reduce wait times.
Beginning in early 2024, all F-150 Lightning customers will have access to over 12,000 Tesla Superchargers across the U.S. and Canada. Most F-150 Lightning models are also eligible for a tax credit of up to $7,500 from the Inflation Reduction Act.
This move by Ford comes shortly after Tesla rolled out its Cybertruck and offered extra incentives to buyers through referrals from existing customers. EV builders in the U.S., such as GM, Hyundai, LR, and Kia, continue to invest in production capacity and battery centers as the electric vehicle market expands.