Ford Motor has announced price cuts for some variants of its F-150 Lightning electric pickup truck, reducing prices by as much as $5,500, the company said on Thursday, as it navigates a competitive electric vehicle (EV) market.
Demand for EVs has been volatile, leading automakers to focus more on hybrid vehicles as consumers prefer the flexibility offered by dual powertrains.
The XLT variant of the F-150 Lightning will now cost $2,000 less at $62,995, while the Lariat variant will see a 3.14% decrease, with a suggested price of $76,995. Prices for the PRO and Platinum variants will remain unchanged.
The Lightning’s Flash variant will be priced $5,500 lower at $67,995.
This move comes after Ford recently resumed shipments of the new F-150 and Ranger pickup trucks to North American dealers and restarted shipments of F-150 Lightning electric trucks, which had been halted in February.
In the first quarter, Ford posted an 86.1% increase in sales of its EVs and a 42% jump in sales of hybrid vehicles.
Facing stiff competition from General Motors’ Silverado EV, China’s electric offerings, and Tesla, Ford had previously reduced prices on its Mustang Mach-E electric SUV by up to $8,100 in February, following a sharp decline in sales a month earlier.
Additionally, the company has a “skunk works” team working on a new, low-cost EV architecture that could serve as the foundation for sedans, SUVs, and trucks.
