Ford Cuts Price of the F-150 Electric Lightning as Demand Weakens

Ford Motor Co. on Monday slashed prices of its F-150 Lightning electric pickup truck by between $6,000 and nearly $10,000, the latest sign of slowing demand for electric vehicles.

The price cuts come as inventories of unsold electric cars on dealer contracts soar, and follow several rounds of cuts by Tesla, the dominant seller of electric vehicles.

Ford is cutting prices after it paused production of the truck this year to update the assembly line and increase production. By the fall, the company expects the Rouge Electric Vehicle Center near Detroit to be able to produce 150,000 Lightnings a year, three times its current production capacity.

Competition in the electric vehicle industry is intensifying. Tesla said Saturday it has begun production of its much-delayed Cybertruck minivan, and General Motors is expected soon to begin delivering an electric version of the Chevrolet Silverado pickup.

Ford began manufacturing the Lightning in the spring of 2022 and raised prices several times to a total of about $20,000, citing an increased cost of raw materials for its batteries. At the time, demand far outstripped Ford’s production and some dealers were charging thousands of dollars more than the company’s suggested retail price.

“Soon after the launch of the F-150 Lightning, rapidly increasing material costs, supply constraints and other factors made the EV truck even more costly to Ford and our customers,” said Maren Gaja, chief customer officer for the automaker’s electric vehicle division. “We’ve continued to work in the background to improve accessibility to help lower prices for our customers and shorten wait times.”

Ford said the Pro model of the F-150 Lightning is priced at $49,995, a discount of $9,979. The XLT 312A model with extended range battery has been reduced from $8,879 to $69,995. The top-of-the-line Platinum Extended Range model will retail for $91,995, or $6,079 less than last week.

As a result of the price cuts, most Lightning models will cost less than $80,000, making them eligible for the $7,500 federal tax credit authorized by President Biden’s ambitious climate change law, the Inflation Reduction Act.

To further spur demand, Ford is also offering a $1,000 rebate to shoppers who order certain models through dealers by July 31. Ford’s credit arm also offers financing at 1.9 percent on 36-month loans.

This is a developing story. Check back for updates.