Ford (F) slashes F-150 Lightning prices

Ford (NYSE: F) revealed Monday that the Detroit automaker is utilizing expanded plant capacity, ongoing efforts to scale production and reduce costs, as well as improved battery raw material expenses to effectively reduce the price of their F-150 Lightning.

All models of the electric pickup truck will be adjusted down by approximately $8,400 with the F-150 Pro being adjusted by $9,979, while the Platinum Extended range edition is adjusted down by $6,079.

In addition, eligible customers can take advantage of potential Inflation Reduction Act consumer and commercial electric vehicle tax credits of up to $7,500, further enhancing the appeal of most F-150 Lightning models.

Ford had increased the Lightning’s prices several times since its 2021 debut, citing supply constraints and sharply higher prices for the minerals used in the electric truck’s batteries. However, after working to increase production, and improving supply costs, customers will now have greater availability of their built-to-order truck as early as October at an MSRP closer to initial Lightning pricing.

“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors drove up the cost of the EV truck for Ford and our customers,” said chief customer officer, Marin Gjaja. “We’ve continued to work in the background to improve accessibility and affordability to help to lower prices for our customers and shorten the wait times for their new F-150 Lightning.”

The Rouge Electric Vehicle Center in Michigan is temporarily closed to complete final plant upgrades to triple the plant’s annual run rate to a targeted 150,000 F-150 Lightning trucks beginning this fall.

Shares of F are down 1.2% in pre-market trading on Monday.

By Michael Elkins | [email protected]

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