Ford Slices and Dices the Cost of the F-150 Lightning

July 27th, 2023 by

NYE Ford 2023 Ford F-150 Lightning

Photo source: Ford

The cost for Ford’s F-150 Lightning electric pickup trucks is being lowered by thousands of dollars across the board; the company announced on Monday, July 17th, 2023, due to falling costs for battery raw materials, increased plant capacity, and internal efforts to scale production by the Michigan-based brand. Still, the price cuts across the Lightning line, some as deep as $10,000, appear to be more evidence of a coming price war among electric vehicle (EV) makers. 

The Electric Vehicle War

Interestingly, the lower prices were revealed two days after Tesla declared its first production Cybertruck electric pickup had rolled off the assembly line, albeit nearly two years behind the original schedule and with limited information about their price. Full-size trucks have long been a leading revenue driver for automakers, and the electric vehicle pickup truck wars are heating up. 

For example, Chevrolet and General Motors are nearing the release of the EV Silverado, and Stellantis is inching closer to releasing an electric variant of the Ram pickup. Likewise, Rivian, another electric pickup maker, recently proclaimed that its second-quarter deliveries nearly tripled, and its shares have been promising, rising more than 41 percent in July of 2023. That said, Ford stated in the same month that sales of its F-150 Lightning more than doubled in the second quarter and increased 4.1 percent from the first three months of the year (2023).

The Rouge Electric Vehicle Center

The Rouge Electric Vehicle Center in Michigan is temporarily closed to implement plant upgrades. When completed, the Blue Oval says it will have the capacity to assemble 150,000 F-150 Lightning pickups a year, a three-fold increase over current levels. Indeed, once the final touches are finished, there will be greater availability of a built-to-order truck as early as October of the 2023 model year. 

As mentioned, the Lightning price cuts hit every trim level. To illustrate, the introductory-level Pro work truck now has a price tag of $49,995 MSRP (Plus destination fee), down from $59,974 MSRP (Plus destination fee). The XLT trims received similar treatments, with their price adjustments ranging from $9,479 to $8,479. The elite trim, the Platinum Extended Range package, witnessed the smallest price reduction of $6,079, dropping the vehicle’s price from $98,074 MSRP (Plus destination fee) to $91,995 MSRP (Plus destination fee).

The automaker released a statement explaining the various factors that led to the price cut. According to Marin Gjaja, chief customer officer, Ford Model e, “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. 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 Versus Tesla

Tesla has made aggressive price cuts across its portfolio recently as competition becomes more contentious and major automobile manufacturers transition production toward electric vehicles. Ford wasted no time responding to Tesla’s price cuts, slashing the price of its Mustang Mach-E electric SUV in January of 2023 by as much as $6,000.

Despite their continuing rivalry, Ford CEO Jim Farley and Tesla CEO Elon Musk pronounced in March of 2023 that all of Ford Motor Company’s current and future electric vehicles will have access to 12,000 Tesla Supercharger stations across the United States and Canada beginning in the spring of 2024. Commercial customers can also access Ford Pro Charging solutions to keep their F-150 Lightning powered up whether they need to charge at home or onsite at work.

Ford’s slant toward affordability is a tempting reason to take the F-150 Lightning into consideration at NYE Ford, where we have a wide lineup of new and quality pre-owned vehicles just waiting to capture your attention. Do not forget that we also have a trained service team that can help with an online appointment to get started on all maintenance work and repairs. After all, we know what it takes to provide a worthwhile experience.