Ford Slashes Prices on F-150 Lightning by $10k After Tesla Announces First Produced Cybertruck

Even though Tesla made the announcement for the Cybertruck back in November 2019, it was Ford that was able to roll out the first all-electric pickup truck into the market with the F-150 Lightning. The truck was such a huge seller that it had completely sold out, resulting in a waiting list for the next model year. Since then, other major automakers have announced upcoming EV versions of their pickups to be hitting the market as well, including the Chevrolet Silverado EV, the GMC Sierra EV, and the Ram 1500 Revolution.

But earlier this week, Tesla finally announced that after years of delays, they were finally able to produce the very first Cybertruck out of the Giga Texas factory in Austin, TX. This news means that the vehicle that the internet has been obsessed with for the last four years is finally making its way for purchase by the general public.

Why Did Ford Reduce The Price on The F-150 Lightning?

Two days after Tesla revealed their first Cybertruck, Ford released a statement announcing that they are cutting prices on all of their F-150 Lightning trims by as much as $10,000. According to Ford, the company has decided to lower the prices of their electric pickups as a result of over capacities in their plant, as well as the dropping costs of raw materials to build its batteries.

“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors drove up the cost of the EV truck for Ford and our customers,” says Marin Gjaja, chief customer officer, Ford Model e. “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.”

Before, the MSRP for the base 2023 Ford F-150 Lightning Pro was $59,974. Following this new adjustment, Ford has reduced the cost by $9,979, with an updated MSRP of $49,995.

Ford also announced that in early 2024, all F-150 Lightning customers will be able to access the 12,000+ Tesla charging stations across the U.S. and Canada. Plus, customers who purchase one of Ford’s electric trucks will also be eligible for a $7,500 tax credit from the Inflation Reduction Act.

Could This Also Be Because of the Tesla Cybertruck?

Of course, many prospective buyers view this price drop as a business move on Ford’s part to snag as many new electric truck customers as possible before the Tesla Cybertruck arrives sometime in early 2024. You could say that the EV truck market has received a new jolt of competition.