Ford Motor has announced a price reduction for its F-150 Lightning all-electric pickup truck. The company attributes the price cuts to improved production and increased supply.
Ford has decreased prices by approximately $6,000 to $10,000 across its range of electric pickups. This equates to a discount of about 9%. According to Cox Automotive, the average transaction price for an F-150 Lightning in the 2023 model year is around $87,000.
Marin Gjaja, Chief Customer Officer at Ford Model e, the company’s EV division, explained, “Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints, and other factors led to increased costs for Ford and our customers. However, we have been working behind the scenes to improve accessibility and affordability, resulting in lower prices for our customers and reduced wait times for their new F-150 Lightning.”
In the first half of 2023, Ford delivered approximately 8,800 Lightnings, a decrease from over 13,000 in the second half of 2022. The drop can be attributed to planned plant downtime and a battery issue.
Following the announcement, Ford stock experienced a 0.7% decline. Futures for the S&P 500 and Dow Jones Industrial Average remained relatively unchanged.
So far this year, Ford stock has seen a significant rise of approximately 29%.