Ford has announced that it is dropping the price of its highly praised electric pickup truck by thousands of dollars across the board, as competitors prepare to release similar models.
The sticker price of Ford’s F-150 Lightning electric pickup truck is being slashed by thousands of dollars, the company said Monday.
The Detroit automaker cited increased plant capacity, lower costs for battery raw materials and internal efforts by the Detroit automaker to scale production.
The electric truck’s base model, the Pro, will now sell for just $50,000 – $10,000 more than its previous price.
The most expensive model, the Platinum Extended Range, now costs around $92,000 – $6,000 less than previously listed.
Ford’s F-150 Lightning electric pickup truck is getting thousands of dollars off its sticker price
President Joe Biden drives the new electric Ford F-150 Lightning at the Ford Dearborn Development Center on May 18, 2021 in Dearborn, Michigan.
Prices for all truck models dropped by an average of about $8,000.
The price cuts across the Lightning line were seen as further evidence of an impending price war between electric vehicle makers, but Ford Motor Co. shares fell 5 percent on Monday.
Ford’s announcement comes two days after Tesla’s first production Cybertruck electric pickup rolled off the assembly line — albeit nearly two years behind schedule and with little information on how much they might cost.
Tesla originally said it would make three versions of its Cybertruck, ranging from about $40,000 to $70,000. The company later removed the prices from the page where customers could decide whether to order $100 down.
Rivian, another electric pickup maker, recently announced that its second-quarter deliveries nearly tripled, and its shares are up more than 41 percent this month.
“Ford hears footsteps of Cybertruck and Rivian,” Wedbush analyst Dan Ives said on Twitter.
Tesla has aggressively cut prices across its portfolio in recent months as competition heats up and major automakers shift production toward electric vehicles. Ford responded to Tesla’s price cuts in January, slashing the price of its Mustang Mach-E electric SUV by $6,000.
Ford’s announcement comes two days after Tesla’s first production Cybertruck electric pickup rolled off the assembly line.
Rivian, another electric pickup maker, recently announced that its second-quarter deliveries nearly tripled
Ford said this month that sales of its F-150 Lightning more than doubled in the second quarter and were up 4.1% from the first three months of the year.
Automakers previously raised truck prices as part of ‘significant material cost increases’ for materials such as lithium, cobalt and nickel.
CEO Jim Farley and Tesla CEO Elon Musk said all of Ford Motor Company’s current and future electric vehicles will have access to nearly 12,000 Tesla Supercharger stations in the United States and Canada starting next spring. Commercial customers can access Ford Pro Charging Solutions to keep their F-150 Lightning powered, whether charging at home or at work.
The F-150 Lighting is the electric version of America’s best-selling truck, the Ford-150.
It has an $11,000 131 kilowatt-hour lithium-ion battery pack, which is about ten times more powerful than a Tesla Powerwall.
Additionally, the battery can charge an average American home for up to three days, according to Ford engineers.
This makes the F-150 Lighting the first electric vehicle sold in the U.S. with bi-directional charging, meaning it has the ability to power the vehicle and send power to a home or the grid.
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