When the Ford F-150 Lightning was first announced, many people were excited to place their orders due to the affordability of the electric pickup. However, since then, the truck has seen several price increases, bringing the truck to the point of costing nearly $1,000 to lease and even more to finance. This is said to be largely the fault of growing commodity prices, as well as inflation, forcing the automaker to adjust pricing on the fly. It’s finally gotten to the point where some customers have pulled their deposits on the all-electric truck, but the latest news might have those buyers rethinking that decision.
Ford F-150 Lightning Sees Its First Price Cut
With a starting price of $61,869 for the base Lightning Pro model, it’s not surprising that buyers have been either canceling their reservation or buying something else, or just walking away entirely. According to reports, an internet sales manager of Long McArthur Ford in Salina, Kansas, revealed that nearly 30 percent of their Lightning reservation holders have canceled. Since Ford initially stated that the Lightning Pro would start at just $39,974, it’s not hard to understand why.
However, CNBC recently reported that Ford cut prices for its electric F-150 Lightning pickup on Monday, stating that its efforts to boost production and lower costs for battery minerals have paid off. As for how much is getting shaved off the Lightning, Ford noted that the least expensive versions would fall by nearly $10,000. Prices for all versions of the electric truck, including the top-line Platinum trim, will drop by at least $6,000 from levels set in March. That means the most expensive version of the Lightning, the extended-range Platinum trim, will start at around $92,000, down from just over $98,000.
As for the base Pro trim, Monday’s cuts reduce the trim to a sticker price of about $50,000. Whether that’s enough to keep buyers from turning away from the truck remains to be seen, but the number itself looks significantly better than it was. Ford is also offering discounted interest rates of 1.9 percent to 3.9 percent on certain loans for Lightning purchases.
What About The $9.2 Billion US Government Loan To Ford?
Interestingly, the Ford F-150 Lightning price cut move comes after Ford and South Korean battery partner SK was granted a massive $9.2 billion federal loan from the U.S. Department of Energy. This is intended to fund three electric vehicle battery plants: two in Kentucky and one in Tennessee, otherwise known as Blue Oval City. It’s possible that this added financial cushion could allow FoMoCo to be more aggressive with Lightning pricing.
The F-150 Lightning price cut also comes just as Tesla Motors readies the launch of its Cybertruck, as well as the rival EV maker doing a bit of price cuts on its own. Getting ahead of Tesla, Ford expects its Rouge Electric Vehicle Center near Detroit, where the F-150 Lightning is built, to be able to churn out 150,000 Lightnings a year, triple its current production capacity. That would mean the securing of a lot of battery material supplies.
Watch this space for more as the story continues to unfold.