July 18, 2023: On Monday, Ford Motor reduces the prices for its electric F-150 Lightning pickup, saying its efforts to enhance production and lower prices for battery minerals have paid off.

Ford displayed prices for some of the least expensive Lighting versions would fall by nearly $10,000. Prices for all performances, including the top-line Platinum frame, will decrease by at least $6,000 from levels set in March.

The company has increased Lightning’s prices several times since its 2021 debut, noting supply constraints and sharply higher prices for the minerals used in the electric truck’s batteries. Ford has worked to increase truck production in recent months, with factory upgrades expected to triple its output set to be in place by fall.

On Monday, Ford said that the Dearborn, Michigan factory that makes the Lightning will be completed for several weeks while the production upgrades are implemented.

Increasing production of the Lightning and additional Ford EVs has been a critical priority for CEO Jim Farley this year. But the effort to boost production has been a tough one. Ford sold just 4,466 Lightning in the second quarter after a fire in a just-completed truck in February led it to shut down production for five weeks.

At its 2021 debut, the lowest-priced version of the Lightning – the work-truck Pro trim was about $40,000. That price was increased several times, hitting around $60,000 in March; the amounts reduced the entry-level truck’s sticker price to about $50,000.

The most expensive version of the Lightning, the extended-range Platinum trim, will now begin at approximately $92,000, down from just over $98,000.

Ford is scheduled to declare its coming-quarter profits after the U.S. markets close on July 27.