(Trends Wide) — Ford announced Monday that it will significantly reduce prices for its F-150 Lightning electric pickup truck.
Since the F-150 Lightning’s launch in mid-2021, the automaker has raised prices multiple times, citing “significant increases in material costs” for key EV battery components like lithium, cobalt and nickel. And Ford is not the only one. Tesla also had to raise the prices of several of its models.
But automotive research firm Kelley Blue Book estimates that new EV prices peaked last year and are slowly but steadily declining since late 2022, thanks in part to federal tax breaks and declining of lithium prices.
Ford is cutting the cost of the base model, the Pro, by about $10,000, down to just under $50,000, but still above the starting price of $40,000. The Platinum Extended Range, its most expensive model, is down more than $6,000 to $92,000. Prices for all models dropped by an average of about $8,000.
Ford said the cuts are due to “increased plant capacity, continued work to scale production and improve battery raw material costs.” The company added that one of its vehicle assembly plants in Michigan is undergoing final upgrades to triple its production starting this fall.
“We continue to work behind the scenes to improve accessibility and affordability with the goal of lowering prices for our customers and shortening wait times for their new F-150 Lightning,” said Marin Gjaja, Ford Model director of customer service. e, the part of the company that focuses on electric vehicles, in a statement.
These models are also eligible for a tax credit of up to $7,500 under the Inflation Reduction Act of 2022, according to Ford. Customers can expect these cheaper cars to be available starting in October.
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(Trends Wide) — Ford announced Monday that it will significantly reduce prices for its F-150 Lightning electric pickup truck.
Since the F-150 Lightning’s launch in mid-2021, the automaker has raised prices multiple times, citing “significant increases in material costs” for key EV battery components like lithium, cobalt and nickel. And Ford is not the only one. Tesla also had to raise the prices of several of its models.
But automotive research firm Kelley Blue Book estimates that new EV prices peaked last year and are slowly but steadily declining since late 2022, thanks in part to federal tax breaks and declining of lithium prices.
Ford is cutting the cost of the base model, the Pro, by about $10,000, down to just under $50,000, but still above the starting price of $40,000. The Platinum Extended Range, its most expensive model, is down more than $6,000 to $92,000. Prices for all models dropped by an average of about $8,000.
Ford said the cuts are due to “increased plant capacity, continued work to scale production and improve battery raw material costs.” The company added that one of its vehicle assembly plants in Michigan is undergoing final upgrades to triple its production starting this fall.
“We continue to work behind the scenes to improve accessibility and affordability with the goal of lowering prices for our customers and shortening wait times for their new F-150 Lightning,” said Marin Gjaja, Ford Model director of customer service. e, the part of the company that focuses on electric vehicles, in a statement.
These models are also eligible for a tax credit of up to $7,500 under the Inflation Reduction Act of 2022, according to Ford. Customers can expect these cheaper cars to be available starting in October.
