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In an effort to stay competitive in the escalating EV sector race, Ford Motor announced a substantial reduction in its F-150 Lightning electric truck prices, slashing as much as $10,000 off the initial cost.
According to Fox Business, Ford Motor said on Monday, July 17, that it is reducing the price of its electric F-150 Lightning pickup as the production capacity of its plant has increased. In addition, the cost of raw materials for battery production is also going down.
The company is said to be augmenting its production to offer cheaper electric vehicles to its customers amid the intensifying pricing war with its competitors in the EV sector, such as General Motors and Tesla.
The automobile manufacturer revealed that the last phase of upgrades or improvements at its Rouge Electric Vehicle Center in Michigan will allow it to accommodate more orders. The availability of its built-to-order pickup trucks will also be greater than before by October.
Ford Motor's new suggested retail price for the electric truck is close to the initial pricing range for the Lightning models. The updated Manufacturer's Suggested Retail Price (MSRP) for its PRO units will be $49,995, which is said to be the lowest price it could offer for its electric truck.
This is a reduced price already, as the original was $59,974. The brand's Lariat 510A is also dropping from $76,974 to $69,995.
At any rate, it was noted that the price cuts were announced two days after Tesla introduced its Cybertruck. CBS News reported that another thing that pushed Ford Motor to lower the prices of its F-150 Lightning pickups is the arrival of Tesla's Cybertruck and the impending launch of Rivian's EV models.
"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," Ford Model e's chief customer officer, Marin Gjaja, said in a statement. "We have 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."
Photo by: Ford Media Room
