Ford will drop the price of its highly lauded electric pickup vehicle by thousands of dollars in reaction to the anticipated availability of identical versions by competitors.
The sticker prices for all Ford F-150 Lightning electric pickup vehicles will be reduced by thousands of dollars, the company announced Monday.
The Detroit carmaker cited expanded plant capacity, declining raw material costs for batteries, and internal efforts to scale production.
The main model of the electric truck, the Pro, is going to sell for slightly less than $50,000, a decrease of $10,000 from the previous price. The price of the most costly model, the Platinum Extended Range, has been reduced by more than $6,000, to approximately $92,000.
Price Reductions on All Truck Models
The price of the truck has been reduced by an average of $8,000 across all models.
The price reductions across the Lightning line were viewed as further evidence of an impending price war among electric vehicle manufacturers, causing shares of Ford Motor Co. to decline by 5% on Monday.
Ford’s announcement comes two days after Tesla’s announcement that its first manufacturing Cybertruck electric pickup had rolled off the assembly line – albeit nearly two years behind the original schedule and with no price information available.
Ford reported this month that F-150 Lightning sales exceeded twofold in the second quarter and increased 4.1% from the first quarter of the year.
Previously, the manufacturers had raised the price of trucks, citing significant cost of materials increases’ for components such as cobalt, lithium, and nickel.
Read Also: Texas Legislature Approves $18 Billion Property Tax Relief for Homeowners and Businesses
F-150 Best Selling Truck
Ford Motor Co.’s current and prospective electric vehicles will have access to approximately 12,000 Tesla Supercharger stations in the United States and Canada beginning in the spring of 2019. Ford Pro Charging solutions are also available to commercial customers for charging their F-150 Lightning at home or on-site at work.
The F-150 Lighting is the electric variant of the most popular truck in the United States, the Ford-150.
It incorporates a $11,000 lithium-ion battery pack with 131 kilowatt-hours of capacity, which is roughly ten times greater than a Tesla Powerwall.
According to Ford engineers, the battery is capable of charging an average American residence for up to three days.
Read Also: Iowa Governor Kim Reynolds Enacts 6-Week Abortion Ban
Source: DAILYMAIL Via MSN