Ford Slashes Prices On Yet Another Electric Vehicle
Just months after Ford Motors reduced the price of its Mach-E, the company made another round of price drops, this time on the F-150 Lightning.
Just months after Ford Motors reduced the price for its Mach-E, the company made another round of price drops, this time for the F-150 Lightning pickups. The price cuts, including a 17% reduction for the base model (putting it under $50k), are aimed at increasing Ford's share in an EV market dominated by Tesla.
According to Reuters, Ford's price drops come after the company was able to "cut prices following improvements in scale and battery raw material costs." By leveraging improvements in scale and battery raw material costs, Ford hopes to make its electric trucks more accessible to consumers while addressing concerns about affordability.
When the F-150 Lightning was initially launched, it received positive reviews for its capabilities but also faced criticism for its relatively high price tag, which included several price increases, citing the increasing cost of raw materials for its batteries.
Ford's Chief Customer Officer, Marin Gjaja, acknowledged the price tag criticism and expressed a commitment to enhancing accessibility and affordability for consumers. By cutting prices, Ford aims to make the F-150 Lightning a more attractive and financially viable option for potential buyers. "We've continued to work in the background to improve accessibility and affordability," Gjaja said.
Now, with the price cuts, The New York Times reports the Pro model of the F-150 Lightning dropped by nearly $10,000, with a list price of $49,995, the XLT 312A fell by almost $9,000, with a list price of $69,995, and the Platinum extended-range model fell by just over $6,000, now selling for $91,995.
"To further spur demand, Ford is also offering a $1,000 discount for shoppers who custom order certain models through dealers by July 31," The New York Times continues. "Ford's credit arm is also offering 1.9 percent financing on 36-month loans."
As a result of the latest price cuts, most Lightning models will now cost less than $80,000, making them eligible for the $7,500 federal tax credit as part of the Inflation Reduction Act. The tax credit goes toward purchasing a new electric vehicle that meets specific battery sourcing requirements for people who make a certain income.
If you're in the market for an EV, the price for used EVs has recently dropped as well, with some models now down 30.5%.