Ford has announced that it is slashing prices on its vaunted electric pickup truck by thousands of dollars across the board, as competitors are set to launch similar models.
Sticker prices for Ford’s F-150 Lightning electric pickup trucks are slashing thousands of dollars across the board, the company said Monday.
The Detroit automaker cited increasing plant capacity, falling battery raw material costs and internal efforts to scale production by the Detroit automaker.
The base model of the electric truck, the Pro, will now sell for just under $50,000, $10,000 more than its previous price.
The most expensive model, the Platinum Extended Range, will now cost around $92,000, more than $6,000 less than the previous listing.
Sticker prices for Ford’s F-150 Lightning electric pickup trucks are dropping by thousands of dollars across the board.
President Joe Biden drives the new electric Ford F-150 Lightning at the Ford Dearborn Development Center in Dearborn, Michigan on May 18, 2021.
All models of the truck have seen price cuts averaging around $8,000.
However, price cuts on the Lightning line were seen as further evidence of an upcoming price war between electric vehicle makers, sending shares of Ford Motor Co. tumbling 5 percent on Monday.
Ford’s announcement comes two days after Tesla said its first production Cybertruck electric pickup truck had rolled off the assembly line, albeit nearly two years behind the original schedule and with little information about how much they might cost.
Tesla originally said it would build three versions of its Cybertruck, ranging from around $40,000 to $70,000. The company later removed pricing from the page where customers can decide whether to shell out $100 and place an order.
Rivian, another maker of electric pickup trucks, recently announced that its second-quarter deliveries nearly tripled and its shares have been on the up, rising more than 41 percent this month.
“Ford listens to Cybertruck and Rivian footsteps,” Wedbush analyst Dan Ives said on Twitter.
Tesla has made aggressive price cuts across its portfolio in recent months as competition increases and major automakers shift production toward electric vehicles. Ford reacted to Tesla’s price cuts in January, slashing the price of its Mustang Mach-E electric SUV by as much as $6,000.
Ford’s announcement comes two days after Tesla said its first production Cybertruck electric pickup truck had rolled off the assembly line.
Rivian, another maker of electric pickup trucks, 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 increased 4.1% from the first three months of the year.
Automakers had previously increased the price of the truck citing in part “significant increases in material costs” for components such as lithium, cobalt and nickel.
CEO Jim Farley and Tesla CEO Elon Musk said all current and future Ford Motor Co. electric vehicles will have access to some 12,000 Tesla Supercharger stations across the US and Canada starting next spring. Business customers can also access Ford Pro Charging solutions to keep their F-150 Lightning charged, whether at home or on the job.
The F-150 Lighting is the electric version of America’s best-selling pickup truck, the Ford-150.
It features an $11,000 131-kilowatt-hour lithium-ion pack battery, which is almost ten times more powerful than a Tesla Powerwall.
Plus, 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 US with bi-directional charging, which means it has the ability to power the vehicle and send power to a home or to the grid.