On Monday, Ford Motor announced a reduction in prices for its electric F-150 Lightning pickup, attributing the decrease to its successful efforts in ramping up production and reducing costs for battery minerals.
The company revealed that prices for some of the more affordable versions of the Lightning would drop by nearly $10,000.
Prices across all trims, including the high-end Platinum version, will see a reduction of at least $6,000 compared to the levels set in March.
Ford had previously raised the Lightning’s prices multiple times since its launch in 2021, citing supply chain challenges and significant increases in the cost of minerals used in the truck’s batteries.
In recent months, Ford has focused on expanding the production of the Lightning, with upgrades to its manufacturing facilities expected to triple the truck’s output by the fall.
The Dearborn, Michigan factory, where the Lightning is produced, will undergo a temporary closure for several weeks to implement these production upgrades, Ford confirmed on Monday.
Increasing production of the Lightning and other electric vehicles (EVs) has been a major focus for CEO Jim Farley this year. However, the process has not been without difficulties.
Ford sold only 4,466 Lightning trucks in the second quarter, following a production shutdown that lasted five weeks after a fire in a newly completed truck in February.
When the Lightning was first introduced in 2021, the base model—known as the work-truck Pro trim—was priced at around $40,000.
This price was subsequently increased several times, reaching approximately $60,000 in March. With Monday’s price cuts, the entry-level truck’s price has been reduced to about $50,000.
The most expensive version of the Lightning, the extended-range Platinum trim, will now have a starting price of around $92,000, down from just over $98,000.
Ford is set to report its second-quarter earnings after the U.S. markets close on July 27.
