- Ford Motor cut prices on Monday for its electric F-150 Lightning pickup, saying its efforts to boost production and lower costs for battery minerals have paid off.
- Ford has increased the prices of Lightning several times since its debut in 2021, due to supply constraints and high prices for the metals used in electric truck batteries. Ford has been ramping up production of the truck in recent months, with factory upgrades expected to triple production by the fall.
Why it matters
Increasing production of the Lightning and other Ford electric vehicles has been a major priority for CEO Jim Farley this year. But these efforts have not been smooth sailing. Ford sold just 4,466 Lightning trucks in the second quarter after a fire in a just-completed truck in February halted production for five weeks. At the time of its debut in 2021, the lowest-priced version of the Lightning, the Pro truck, was about $40,000. This price increased several times, reaching about $60 thousand in March.