In a bid to compete with electric vehicle giant Tesla and respond to price fluctuations over the past two years, Ford announced on Monday that it will reduce the prices of certain models of its electric vehicle F-150 Lightning by $10,000.
The base version of the F-150 Lightning will now be priced between $49,995 and $59,995, while the longer-range Platinum model will be available for $91,995 to $98,074. To accommodate increased demand, Ford temporarily closed its Lightning plant in Michigan, with plans to triple production to 150,000 vehicles per year.
The F-150 Lightning, launched in 2021, represents a significant milestone in electric vehicle development, as the Ford F-Series holds the title of the most popular pickup truck lineup in the country. Price adjustments in the pickup truck lineup were attributed to supply issues and rising raw material costs.
In line with efforts to make electric vehicles more accessible and appealing to U.S. buyers, automakers have been adjusting prices. Tesla, the leading electric car manufacturer, previously reduced the prices of its Model Y and Model 3 electric vehicles. Similarly, Ford has cut the prices of its electric Mustang Mach-E.
Moreover, some versions of the F-150 Lightning qualify for a $7,500 tax credit under the Inflation Act, making certain Ford Lightning models even more affordable for car buyers. These price adjustments signal the growing competition and efforts by automakers to attract customers to the electric vehicle market.