Ford cuts prices on F-150 Lightning truck
Ford cuts price by as much as $10K for EV pickup
Soon Americans will go to car dealers and all they will have is electric vehicles: Mike Sommers
American Petroleum Institute CEO Mike Sommers reacts to the president's electric vehicle push on 'Kudlow.'
Ford is lowering the price of its F-150 Lightning electric pickup due to increased plant capacity and the falling costs of raw materials for batteries.
The Detroit automaker is also internally scaling production to offer its customers a cheaper electric vehicle as the pricing war between Ford and rivals like Tesla and General Motors picks up steam.
CEO Jim Farley pats an F-150 Lightning before announcing that Ford Motor Co. will partner with a China-based company called Contemporary Amperex Technology to create an electric-vehicle battery plant in Marshall, Michigan, on Feb. 13, 2023. (Bill Pugliano/Getty Images)
REGULATORS PROBE COMPLAINTS OVER DOOR ISSUES ON SOME ESCAPE MODELS
Ford said Monday that the final upgrades at its Rouge Electric Vehicle Center in Michigan will lead to greater availability of a built-to-order truck as early as October at a manufacturer’s suggested retail price closer to initial Lightning pricing.
Ford
.The updated MSRP for the Pro model, its lowest-priced electric pickup, will be $49,995, down from $59,974. The Lariat 510A's MSRP will drop to $69,995 from $76,974.
TESLA DEBUTS CUSTOMER REFERRAL IN EV WAR'S NEXT MOVE
"Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors drove up the cost of the EV truck for Ford and our customers," said Marin Gjaja, chief customer officer for Ford Model e. "We’ve continued to work in the background to improve accessibility and affordability to help to lower prices for our customers and shorten the wait times for their new F-150 Lightning."
Ford's electric F-150 Lightning on the production line at their Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. (Jeff Kowalsky/AFP via / Getty Images)
FORD TO CUT JOBS IN US, CANADA
Beginning in early 2024, Ford said all F-150 Lightning customers will have access to over 12,000 Tesla Superchargers across the U.S. and Canada.
Most F-150 Lightning models are eligible to receive a tax credit for as much as $7,500 from the Inflation Reduction Act, according to Ford.
The price cuts arrive two days after Tesla rolled the Cybertruck off the assembly line and 10 days after the Elon Musk-led company offered its buyers an opportunity to earn extra incentives through referrals from existing customers, a marketing strategy typically used by traditional automakers like Ford and GM.
Tesla's Cybertruck is displayed at Manhattan's Meatpacking District in New York City, May 8, 2021. (Jeenah Moon / Reuters Photos)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 342.03 | -3.97 | -1.15% |
| F | FORD MOTOR CO. | 10.73 | -0.32 | -2.90% |
| GM | GENERAL MOTORS CO. | 54.87 | -0.24 | -0.44% |
HYUNDAI MULLS JOINING TESLA EV CHARGING STANDARD
Meanwhile, EV builders in the U.S. continue to ramp up production with GM’s recent announcement to build a $3 billion EV battery center in Indiana and Hyundai and LR partnering on a $4.3 billion EV plant in Georgia.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Last week, Kia announced a $200 million investment into its EV plant in West Point, Georgia.
Ford CEO Jim Farley weighs in on the electric vs. gas vehicle debate
Ford CEO Jim Farley joined 'Barron's Roundtable' to discuss the debate on electric vs. gas cars, the auto company's growth and approach to the auto industry, and reacts to Warren Buffett's comments on investing in the industry.
The Associated Press contributed to this report.