Ford on Monday announced sharp price cuts across its F-150 Lightning lineup.
The cuts come after four price hikes in row and see the electric truck now priced from $51,990. That's down $9,979 from the last price hike, but still up $10,321 from when the F-150 Lightning entered production in April 2022.
The starting price is for the F-150 Lightning Pro, the version designed for commercial use. For retail customers, the Pro comes exclusively with the Standard Range battery with an estimated 240 miles of range. However, the Pro is sold out to retail customers for the remainder of the 2023 model year, a Ford spokesman told Motor Authority.
It means retail customers will have to upgrade to the F-150 Lightning XLT. It is now priced from $56,990, down $9,479 from before, when equipped with the 240-mile Standard Range battery. A 320-mile Extended Range battery is available for an extra $15,000, bringing the starting price up to $71,990. That's a price cut of $8,879 from prior to today's announcement.
Further up, the Lariat with the Standard Range battery starts at $71,990 and the Lariat Extended Range is $79,490, down $6,979 and $8,479, respectively. The range-topping Platinum now starts at $93,990, which is down $6,079 from before.
All figures include a $1,995 destination charge, and most Lightning models are eligible for $7,500 in potential Inflation Reduction Act tax credits, according to Ford.
The spokesman said the new pricing is effective immediately for trucks being delivered from today. It means anyone that has already placed an order and is still waiting on their truck will receive the new pricing.
Ford said it was able to make the latest price cuts due to improved economies of scale at the truck's Rouge plant in Dearborn, Michigan. The plant is currently closed as Ford makes some final upgrades. When it reopens, it will have a targeted annual run rate of 150,000 trucks starting in the fall.
The latest cuts are also due to improved battery raw material costs, Ford said.
“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,” Marin Gjaja, chief customer officer of Ford Model E, said in a statement. “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.”