Jul 17, 2023 - Economy

Ford cutting price of F-150 Lightning EV pickup

A man pats the hood of a blue pickup truck

Ford CEO Jim Farley pats a Ford F-150 Lightning pickup at a press conference on Feb. 13 in Romulus, Michigan. Photo: Bill Pugliano/Getty Images

Ford is cutting the price of its F-150 Lightning electric pickup by thousands of dollars — another sign of an intensifying EV price war.

Why it matters: The F-series truck is the best-selling vehicle in the country — and the F-150 Lightning version is among the first EV pickups on the market.

What's happening: Ford is slashing all versions of the F-150 Lightning by a range of $6,079 to $9,979.

  • The starting price of the base version is going from $59,974 to $49,995.
  • The most expensive version, the Platinum Extended Range, is going from $98,074 to $91,995.

Zoom out: The move follows a series of price cuts this year by EV sales leader Tesla and comes after a decline in the price of lithium, which had been fueling EV price increases until recently.

  • Automakers are also dealing with a growing glut of unsold EVs.
  • And Tesla announced Saturday that it had assembled the first version of its Cybertruck.
  • "Ford hears footsteps of Cybertruck and Rivian," Wedbush Securities analyst Dan Ives said on Twitter after Ford's price cut announcement.

What they're saying: Ford attributed the price cuts to increased production capacity, better manufacturing efficiency and "improving" battery raw material costs.

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