On Monday, Ford announced significant price cuts for all versions of its electric F-150 Lightning pickup. The cheapest version of the Lightning will now start at about $50,000, a roughly $10,000 cut. All versions of the EV will get price cuts of at least $6,000 as Ford works to boost production this fall.
Ford claims their efforts to boost production and lower costs for battery minerals paid off.
Ford suggests they can’t meet the demand, but there is an EV bubble right now, and many unsold EVs are piling up on car lots. Companies other than Tesla have produced too many EVs and must move them. It’s supply and demand.
The company had increased the Lightning’s prices several times since its 2021 debut, citing supply constraints and sharply higher prices for the minerals used in the electric truck’s batteries. Ford has worked to increase production of the truck in recent months, with factory upgrades expected to triple its output set to be in place by fall.
CEO Jim Farley’s effort to boost production hasn’t been a smooth one. Ford sold just 4,466 Lightnings in the second quarter after a fire in a just-completed truck in February led it to shut down production for five weeks.
They are cool trucks, but there are issues.
The most expensive version of the Lightning, the extended-range Platinum trim, will now start at about $92,000, down from just over $98,000. [Oh, yippee!]
These EV cars and trucks are expensive, and in this economy, people aren’t going to buy them. They’re also not ready for long distances. Unless you’re talking Tesla, they aren’t selling like hotcakes.