Ford is lowering the price of its F-150 Lightning electric pickup due to increased plant capacity and the falling costs of raw materials for batteries.
The Detroit automaker is also internally scaling production to offer its customers a cheaper electric vehicle as the pricing war between Ford and rivals like Tesla and General Motors picks up steam.
Ford CEO Jim Farley pats a Ford F-150 Lightning truck before announcing at a press conference that Ford Motor Company will be partnering with the world's largest battery company, a China-based company called Contemporary Amperex Technology, to create (Photo by Bill Pugliano/Getty Images)
Ford said Monday that the final upgrades at its Rouge Electric Vehicle Center in Michigan will lead to greater availability of a built-to-order truck as early as October at a manufacturer’s suggested retail price closer to initial Lightning pricing.
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The updated MSRP for the Pro model, its lowest-priced electric pickup, will be $49,995, down from $59,974. The Lariat 510A's MSRP will drop to $69,995 from $76,974.
"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," said Marin Gjaja, chief customer officer for Ford Model e. "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 for their new F-150 Lightning."
Ford Motor Company's electric F-150 Lightning on the production line at their Rouge Electric Vehicle Center in Dearborn, Michigan on Sept. 8, 2022. (Photo by JEFF KOWALSKY/AFP via Getty Images / Getty Images)
Beginning in early 2024, Ford said all F-150 Lightning customers will have access to over 12,000 Tesla Superchargers across the U.S. and Canada.
Most F-150 Lightning models are eligible to receive a tax credit for as much as $7,500 from the Inflation Reduction Act, according to Ford.
The price cuts arrive two days after Tesla rolled the Cybertruck off the assembly line and 10 days after the Elon Musk-led company offered its buyers an opportunity to earn extra incentives through referrals from existing customers, a marketing strategy typically used by traditional automakers like Ford and GM.
FILE PHOTO: Tesla's Cybertruck is displayed at Manhattan's Meatpacking District in New York City, U.S., May 8, 2021. (REUTERS/Jeenah Moon / Reuters Photos)
Meanwhile, EV builders in the U.S. continue to ramp up production with GM’s recent announcement to build a $3 billion EV battery center in Indiana and Hyundai and LR partnering on a $4.3 billion EV plant in Georgia.
Last week, Kia announced a $200 million investment into its EV plant in West Point, Georgia.
The Associated Press contributed to this report.