Ford slashes cost of all-electric F-150 Lightning trucks. Take a look at the new prices.
The price of the all-electric Ford F-150 Lightning is being slashed dramatically and effective immediately, Ford Motor Co. announced Monday.
"Ford is taking advantage of increased plant capacity, continued work on scaling production and cost, and improving battery raw material costs," Ford said in its news release.
The factory that builds the Lightning, the Rouge Electric Vehicle Center in Dearborn, is temporarily closed to complete final plant upgrades to triple its annual production run rate to a targeted 150,000 Lightning trucks beginning this fall. The automaker did not have a firm restart date as of Monday, Ford spokesman Marty Gunsberg told the Detroit Free Press.
"The market is rapidly changing, and we need to continue to adapt to remain competitive," he said. "As we scale, we can take advantage of increased plant capacity to help increase the value proposition of our EVs, reduce customer wait times, and grow our market share."
What is the MSRP of the Ford Lightning truck?
These are the updated manufacturer's suggested retail prices:
Pro: $59,974 to $49,995 ($9,979 cut)
Base XLT: $64,474 to $54,995 ($9,479 cut)
XLT Premium: $68,474 to $59,995 ($8,479 cut)
XLT Premium, Extended (Battery) Range: $78,874 to $69,995 ($8,879 cut)
Lariat: $76,974 to $69,995 ($6,979 cut)
Lariat Extended (Battery) Range : $85,974 to $77,495 ($8,479 cut)
Platinum Extended (Battery) Range: $98,074 to $91,995 ($6,079 cut)
The destination and delivery fees total $1,995, which is unchanged.
The XLT pickup has features including a heated steering wheel, power tailgate, tailgate step, tailgate work surface and a 10-way adjustable driver's seat. The Lariat and Platinum models are luxury models with bigger touch-screens, heated and cooled leather seats and Bang & Olufsen sound systems.
Thad Szott, who runs a Ford dealership in Holly, and sells other brands in other locations, told the Free Press after the price cut news, "The consumers win. There’s still a lot of excitement about the Lightning. Inventories have improved, but that particular model hasn’t improved to demand levels."
“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors drove up the cost of the EV truck for Ford and our customers,” Marin Gjaja, chief customer officer, Ford Model e, said in a news release. “We’ve continued to work in the background to improve accessibility and affordability to help to lower prices for our customers and shorten the wait times.”
In March, the automaker cited higher material costs and increased prices.
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With ordering now open for all customers, Ford is offering a $1,000 bonus for retail customers who choose their own XLT, Lariat or Platinum truck through their dealer or at ford.com until July 31 as part of the national summer sale. Ford Credit is offering eligible buyers low-interest loans.
Most F-150 Lightning trucks are eligible for as much as $7,500 in potential Inflation Reduction Act consumer and commercial electric vehicle tax credits.
The Lightning price cut comes in anticipation of a new Tesla Cybertruck and Chevrolet Silverado.
Contact Phoebe Wall Howard: 313-618-1034 or phoward@freepress.com. Follow her on Twitter @phoebesaid.
This article originally appeared on Detroit Free Press: Ford slashes price of all-electric F-150 Lightning trucks
