Ford lowers prices for its F-150 Lightning by up to $10,000

July 17, 2023 01:13 PM PDT | By Invezz

Ford lowers prices for its F-150 Lightning by up to $10,000 — Image source: Invezz

Why is Ford lowering prices?

Base model of the all-electric pickup truck will now cost about $10,000 less. Ford is lowering prices primarily because its efforts to increase production are paying off, as per the press release.

We’ve continued to work in the background to improve accessibility and affordability to help to lower prices or our customers and shorten the wait times for their new F-150 Lightning.

Ford is close to completing the upgrade of its Dearborn, Michigan factory, following which, it expects production (F-150 Lightning) to triple at that plant.

Its shares are up more than 20% year-to-date ahead of the second-quarter financial results scheduled for July 27^th.

Commodity prices have eased as well

Ford Motor also confirmed today that variants other than the base model will also see prices go down by at least $6,000 as battery minerals now cost less.

Note that lithium was at $75,000 per metric ton when Ford handed over its first F-150 Lightning. At writing, it stands at $45,000 only.

The multinational car manufacturer expects lower prices to help boost deliveries. In the first six months of this year, Ford Motor delivered 8,800 of its all-electric pickup trucks versus more than 13,000 in H1 of 2022.

Earlier this month, Wells Fargo analyst Colin Langan recommended that investors move to the sidelines in Ford stock (find out more). He sees downside in it to $10 a share.

The post Ford lowers prices for its F-150 Lightning by up to $10,000 appeared first on Invezz

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