Ford F-150 Lightning on display on the Latest York Auto Show, April 13, 2022.
Scott Mill | CNBC
Ford Motor on Monday slashed the price of its F-150 Lightning electric pickup truck, saying its efforts to extend production and lower the price of battery minerals have paid off.
Ford said the costs of a few of the most affordable versions of the lighting will fall by almost $10,000. Prices for all versions, including the top-of-the-line Platinum version, will drop not less than $6,000 from the degrees set in March.
The corporate has raised the price of the Lightning several times since its 2021 debut, citing supply constraints and soaring prices for minerals utilized in the electrical truck’s batteries. Ford has been working to ramp up production of the truck in recent months, with factory upgrades expected to triple production expected to be rolled out by the autumn.
The Dearborn, Michigan, factory that produces the Lightning shall be closed for several weeks while manufacturing improvements are made, Ford said on Monday.
Increasing production of the Lightning and other Ford electric vehicles has been a key priority for CEO Jim Farley this 12 months. But the hassle to extend production has not been smooth. Ford sold just 4,466 Lightnings within the second quarter after a hearth in a just-completed truck in February halted production for five weeks.
On the time of its debut in 2021, the most affordable version of the Lightning – the Pro version for the work cart – cost about $ 40,000. This price has been increased several times, reaching around $60,000 in March; Monday’s cuts bring the price of an entry-level truck sticker to around $50,000.
The costliest version of the Lightning, the extended-range platinum version, will now cost around $92,000, down from just over $98,000.
Ford is anticipated to report its second-quarter results after US markets close on July 27.