Ford is lowering the price of all trim levels for the all-electric Ford F-150 Lightning — with the least expensive Pro model getting the largest drop of almost $10,000. 

In a press release, Ford states that increased plant capacity, the benefits of scaling production and cost and improving battery raw material costs were contributing factors to lowering Lightning’s costs. 

The Rouge Electric Vehicle Center in Michigan is temporarily closed to complete final plant upgrades. Ford anticipates a tripling of the plant’s annual run rate to a targeted 150,000 F-150 Lightning trucks beginning this fall.

Customers will have greater availability of F-150 Lightning as early as October, Ford stated.

Ford is dropping F-150 Lightning’s price after a series of price hikes since the all-electric pickup’s public release in April 2022. The series of increases brought the base Pro model from $40,000 initially to about $60,000.

Fleets Get Updated Pricing

Fleets with a valid FIN code and Lightning models on order that are scheduled for production will be re-invoiced to the updated pricing, according to a Ford spokesperson.

“We will work with them individually to determine their pricing,” the spokesperson said. “These customers should work with their account manager or dealer directly.”

Growing EV Inventories

The price drops come as EV inventories grow and prices overall deflate. According to Cox Automotive, the average price paid for an EV in June was down nearly 20% year over year. 

By late June 2023, according to Cox, the days’ supply of EVs was over 100, compared to the industry average which was closer to 53 days. In all, the EV share of the U.S. market in Q2 was 7.2%, up from 5.7% a year ago, according to Cox.