Ford Motor (NYSE:F) shares descended on Monday, on word the car maker had cut prices for its electric F-150 Lightning pickup, saying its efforts to boost production and lower costs for battery minerals have paid off.
Ford said prices for some of the least expensive versions of the Lighting would fall by nearly $10,000. Prices for all versions, including the top-line Platinum trim, will drop by at least $6,000 from levels set in March.
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 that are expected to triple its output set to be in place by fall.
At the time of its 2021 debut, the lowest-priced version of the Lightning – the work-truck Pro trim – was about $40,000. That price was increased several times, hitting about $60,000 in March; Monday’s cuts reduce the entry-level truck’s sticker price to about $50,000.
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.
Ford is scheduled to report its second-quarter earnings after the U.S. markets close on Thursday, July 27.
F shares dove 55 cents, or 3.7%, to $14.41.
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