Ford Motor Co. (F) has announced plans to cut the price of its fully electric F-150 Lightning pick-up truck by as much as $10,000 U.S.
Ford said the price for the least expensive version of the Lighting truck will be cut by $10,000 U.S., while prices for all versions, including the topline Platinum trim, will decline by at least $6,000 U.S. from current levels.
The Detroit automaker had increased the Lightning’s price several times since its 2021 debut, citing supply constraints and higher prices for the minerals used in the electric truck’s batteries.
At the time of its debut, the lowest-priced version of the Lightning was about $40,000 U.S. That price was increased several times, hitting a peak of $60,000 U.S. this spring. The announced cuts will reduce the entry-level truck’s sticker price to about $50,000 U.S.
Meanwhile, the most expensive version of the Lightning, the extended-range Platinum trim, will now start at a cost of $92,000 U.S., down from $98,000 U.S. previously, said Ford.
The company has said that it plans to triple production of the F-150 Lightning pick-up truck by this fall.
Increasing production of the Lightning and other electric vehicles has been a top priority of Ford chief executive officer (CEO) Jim Farley.
Ford sold 4,466 Lightning trucks in this year’s second quarter after a fire in one of the vehicles led it to shut down production in February for five weeks while repairs were made.
Ford isn’t the only automaker to reduce the price of its electric vehicles to boost sales. Rival Tesla (TSLA) has reduced the price on several of its electric vehicles this year.
Ford’s stock has increased 18% over the past 12 months and now trades at $14.09 U.S. per share.
