Ford Lowers Price of F-150 Lightning Amid Tesla Cybertruck Production...

Ford Motor Company has decided to cut the selling price of its electric pickup model, the F-150 Lightning, by nearly 17%.

According to the Wall Street Journal (WSJ) and others on the 17th (local time), Ford announced that it will lower the price of the F-150 Lightning Pro to $49,995, a reduction of about $10,000. Additionally, the price of the top-tier Platinum Extended Range F-150 Lightning will be reduced by $6,000 to $91,995.

[Image source=Reuters Yonhap News]

Previously, Ford had raised the selling price several times after the launch of the F-150 Lightning due to supply chain issues and rising battery mineral costs. However, the company explained that it was able to partially offset these cost burdens through increased production and cost reductions, making this price cut possible.

Marin Zazar, Chief Customer Officer of Ford's electric vehicle division, stated, "We had raised the price of the electric pickup model due to rising raw material prices, supply chain issues, and other factors," adding, "We have continuously worked to improve accessibility and affordability to lower prices and shorten the waiting time for the F-150 Lightning." Ford expects production of the F-150 Lightning to triple by this fall through increased output.

Notably, Ford's decision to reduce prices came shortly after Tesla announced the first production of its electric pickup truck, the Cybertruck, last weekend. Tesla has led aggressive price cuts in the electric vehicle sector this year. In response, Ford lowered the price of its competing model, the Mustang Mach-E, in January to counter Tesla's price reduction of the Model Y.

The electric vehicle market in the United States grew by 50% in the first half of the year. During the same period, Ford's electric vehicle sales increased by only 12%. Major foreign media pointed out that due to the impact of a factory fire in February, Ford sold fewer than 5,000 F-150 Lightning units in the second quarter. Ford is scheduled to announce its second-quarter earnings on the 27th.

Meanwhile, on the morning of the same day, Ford's stock price on the New York Stock Exchange was trading more than 4% lower compared to the previous session. Tesla's stock price rose by more than 3%.