Ford Cuts Price on F-150 Lightning by Up to 17%

Company Reverses 2022 Price Hikes on Cheapest EV Model
Ford Lightning
Ford F-150 Lightning pickup trucks at the Ford Rouge Electric Vehicle Center in Dearborn, Mich. (Bill Pugliano/Getty Images via Associated Press)

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Ford Motor Co. is slashing prices on the electric version of its best-selling F-150 pickup by as much as 17%, reversing price hikes implemented last year on its debut battery-powered truck.

The F-150 Lightning Pro, the cheapest version of the electric truck, now starts at $49,995, down about $10,000 but still above an original starting price of $39,974 when it went on sale in April 2022. The cuts on the base and other trims of the vehicle stem from lower battery costs and scale economies, it said July 17.

Chief Executive Officer Jim Farley previously boasted that Ford was raising prices on the Lightning while Tesla cut prices on its models.

“We’re sold out and we’ve increased the price by $11,000,” Farley said at a Morgan Stanley conference in May. “So far, so good, but the competition is going to get really exciting here by the end of next year.”

Ford repeatedly raised the price of the electric F-150 last year, blaming rising material costs and supply shortages. But in January, Ford cut prices of its electric Mustang Mach-E SUV after Tesla dropped the prices on its models.

The automaker also said it would temporarily close its Rouge Electric Vehicle Center in Michigan to retool for boosting the plant’s annualized production of F-150 Lightning models to 150,000 vehicles starting this fall.

F-150 Lightning ended June with 88 days’ supply, according to Cox Automotive. That’s above the industry standard of 60 days’ supply, but was below the overall inventory level for all F-Series trucks, which stood at more than 100 days at the end of June, according to Cox.

— With assistance from Keith Naughton and Craig Trudell.

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