Ford cuts prices for F-150 Lightning XLT, Flash and Lariat variants
Reuters
Published Apr 11, 2024 01:45PM ET
Updated Apr 11, 2024 02:27PM ET
-Ford Motor cut prices of some variants of its F-150 Lightning electric pickup truck by as much as $5,500, the Detroit automaker said on Thursday, as it navigates a competitive EV market.
Demand for EVs has been volatile, prompting automakers to focus on hybrid vehicles instead as consumers prefer the flexibility offered from dual powertrains.
Ford (NYSE:F)'s XLT variant will cost $2,000 less at $62,995, while the Lariat variant will now be down 3.14%, carrying a suggested price of $76,995. Prices for its PRO and Platinum variants remain unchanged.
The Lightning's Flash variant would be priced $5,500 lower at $67,995.
The announcement comes after Ford said it was shipping out the new F-150 and Ranger pickup trucks to North American dealers and restarting shipments of F-150 Lightning electric trucks, which it halted in February.
Ford in April posted an 86.1% rise in sales of its EVs and a 42% jump in sales of hybrid vehicles during the first-quarter.
The Detroit automaker faces stiff competition from General Motors (NYSE:GM) Silverado EV, China's electric offerings and Tesla (NASDAQ:TSLA).
Ford had cut prices on its Mustang Mach-E electric SUV by up to $8,100 in February, after sales fell sharply a month earlier.
The company also has a "skunk works" team working on a new, low-cost EV architecture that could be the foundation for sedans, SUVs and trucks.
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Written By: Reuters
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