Ford Motors (F.US) announced on Monday significant price reductions on all versions of its F-150 Lightning electric pickup truck. The cheapest version of the Lightning will now cost around US$50,000, approximately US$10,000 less than before. Other versions of the vehicle (extended versions) will receive price reductions of at least USD 6,000. The reason for the discounts is the company's planned increase in production.
Ford Motors reports that efforts to increase production and reduce the cost of battery minerals have paid off.
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Create account Try a demo Download mobile app Download mobile appFord has raised the Lightning's price several times since its debut in 2021, citing supply constraints and significantly higher prices for the minerals used in the electric vehicle's batteries.
Ford has been working to increase production of the truck in recent months, with factory upgrades to triple production expected to be in place by the autumn. Increasing F-150 production is a key priority for Jim Farley, the company's CEO.
The Dearborn plant, which produces F-150 Lightning vehicles, will be closed for several weeks while production upgrades are made, Ford said Monday. A shadow of uncertainty remains in the background, however. Ford sold just 4466 Lightnings in the second quarter after a media fire in February halted production for five weeks. Investors' attention is now focused on the company's results, which will indicate how further vehicle sales are progressing. Q2 results will be published on 27 July.
A chart of Ford shares before the start of this week's first trading session. The company's stock is losing 1.3% before the opening of the session in is trading at $14.8. Source: xStation 5
