July 18th, 2023 7:00am PDT
(PenniesToSave) – Ford (F) recently announced a significant price reduction for its F-150 Lightning electric vehicle. This decision follows a series of substantial price increases that happened after the initial launch of the vehicle.
Starting now, Lightning is reducing the prices across their entire lineup. The biggest price cut will be seen in the Pro commercial truck, with a drop of $9,979. This means that the Pro will now have a new starting price of $49,995. Furthermore, the top-of-the-line Platinum Extended range will also see a price reduction of $6,079, making its new price tag $91,995.
When Ford launched the Lightning EV in 2021, they initially stated that the Pro commercial truck would have a starting price below $40,000. However, due to factors like higher material costs, component shortages, and production obstacles, Ford had to significantly increase prices. Before the recent price reductions, the Pro model reached a manufacturer’s suggested retail price (MSRP) of $59,974, almost $20,000 higher than originally announced.
To meet the high demand and address these issues, Ford has temporarily halted production at the Rouge facility. During this pause, they are implementing upgrades to enhance production capacity. Their goal is to manufacture 150,000 Lightning trucks by fall, as originally planned. Notably, Ford’s decision to significantly reduce prices for the Lightning comes at a time when the pickup truck is experiencing strong sales. In the second quarter of this year, sales were up 119% compared to the previous year and showed a 4.1% increase from the first quarter. However, like the rest of the automotive industry, including electric vehicles (EVs), Ford is facing challenges due to rising inventories. This situation has likely caused pricing pressure for automakers and their dealers. As a response, Ford and other companies are opting to lower prices in preparation for the upcoming fall season when new vehicle releases traditionally occur.
Along with reducing prices, Ford is launching a summer sales event today. As part of this special event, customers who purchase the Lightning XLT, Lariat, and Platinum trims will receive a $1,000 bonus. In addition, qualified customers can take advantage of a 1.9% APR financing offer through Ford credit.
It’s important to mention that these pricing adjustments, incentives, and increased production levels come shortly after a battery fire incident occurred at the Rouge plant. Unfortunately, this incident led to damage on some Lightnings due to a battery defect.