EV price war: Ford slashes price of F-150 Lightning models by $10,000
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Hot on the heels of Tesla rolling out its first production model of its much-awaited Cybertruck from its plant in Austin, Texas, Ford has now slashed the prices of its all-electric F-150 Lightning trucks by up to $10,000 for various trim levels, with the base variant now starting just below $50,000.
According to the US automaker, the price cut has resulted from its efforts in leveraging increased plant capacity, scaling production and cost, and reducing battery raw material costs.
The EV price war is set to intensify as Tesla aims to launch their futuristic Cybertruck pickup at a starting price of $40,000.
Ford had hiked the prices of the F-150 Lightning earlier in the year, resulting in its base model having an MSRP of $49,999 and the top-end Platinum Extended Range model's price reaching $98,074. These variants have now seen a price cut of almost $10,000 and $6,000, respectively.
Upgradation of facilities to meet demand
The carmaker recently stated that the manufacturing facility of the F-150 Lightning would be closed for several weeks while Ford installs production upgrades to boost the numbers.
It is temporarily closing its Rouge Electric Vehicle Centre in Michigan as it updates the plant to produce 150,000 F-150 Lightning vehicles yearly. According to the manufacturer, the EV will be more widely available as early as October.
Ford said that rising material costs and supply constraints forced it to increase the price of its EV truck shortly after its launch. "We’ve continued to work in the background to improve accessibility and affordability to help to lower prices for our customers and shorten the wait times for their new F-150 Lightning," said Marin Gjaja, chief customer officer of Ford Model e, said in a blog post by the firm.
Going all the way out
Ford has managed to get a headstart into the segment with multiple delays forcing Tesla to delay Cybertruck's launch after it was first showcased in 2019. Players like Rivian, GMC, and Chevrolet have also gained their footing in the segment with their respective offerings.
However, the entry of Tesla into the market may stir up things for other players. Ford is now making it attractive for consumers with multiple offers, a $1,000 bonus for customizing the truck through the website or its dealer network. Furthermore, Ford is also offering eligible buyers interest rates as low as 1.9 percent APR for 36 months.
Like most EV models, a majority of the F-150 Lightning models are also eligible for as much as $7,500 in potential Inflation Reduction Act consumer and commercial electric vehicle tax credits, sweetening the deal further for potential customers.
When it comes to charging support, a limiting factor for many, from 2023, Ford customers are promised access to more than 12,000 Tesla Superchargers across the US and Canada. "Commercial customers can also access Ford Pro Charging solutions to keep their F-150 Lightning powered up whether they need to charge at home or onsite at work."
Ford hopes that these initiatives will keep the demand high for his F-150 lightning variants as competition keeps the segment highly competitive, offering customers more value for money.
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