- Tesla's first Cybertruck finally rolled off production lines this month.
- Days later, Ford announced price cuts to its F-150 Lightning electric pickup by up to $10,000.
- Both signal that the world of electric pickup trucks is heating up.
Ford said Monday morning it would slash the prices of its F-150 Lightning electric pickup trucks by up to nearly $10,000 just days after Tesla's rival Cybertruck finally rolled off the assembly line.
The cheapest electric F-150 dropped nearly $10,000, from $59,974 to $49,995, while the most expensive trim option fell about $6,000, from $98,074 to $91,995. Ford said that upon the Lightning launch, material costs, supply constraints, and more contributed to the vehicle's high prices.
Ford said that the cheaper prices are the result of "upgrades at the plant, combined with improving battery raw material costs and continued work on scaling production and cost." Ideally, the same will happen for other automakers as the industry looks to lower the prices of EVs overall.
The industry's scramble to make EVs more affordable created a dash for supply that cost customers. Ford raised Lightning prices several times over the past year.
But Ford could also be looking at an electric vehicle inventory problem. More and more of its Mustang Mach-E EVs are sitting on dealer lots, and it's taking longer for dealers to move both Mach-E and Lightning inventory than it did last year as the automaker ramps up production of both vehicles.
To be sure, deliveries of the Lighting are up this year compared with 2022, but the sales pace appears to be slowing. Ford shares fell more than 4% Monday morning following news of the price cuts.
In addition to the price cuts, Ford said it is offering a $1,000 bonus for customers who purchase an XLT, Lariat, or Platinum Lightning model through the month of July.
Ford and Tesla have had an interesting dynamic in recent years as Ford looks to catch up to the EV market leader.
The news out of both companies signals that the electric pickup truck space is heating up and going to be even more competitive as others like Rivian, GM's Chevrolet, Stellantis' Ram, and more race to snatch market share.
Did you buy an F-150 Lightning before the price cuts? Are you planning to buy one now that the price has dropped? Do you have a tip or opinion to share? Contact this reporter at astjohn@businessinsider.com.
