According to Bloomberg, demand for electric vehicles has declined, leading Ford to reduce the price of its F-150 Lightning electric pickup truck by up to 7.5% due to a surge in inventory. Ford is set to resume deliveries of the F-150 Lightning this month after halting them due to undisclosed quality issues.
In the latest pricing changes for the F-150 Lightning, the popular XLT standard model is reduced by $2,000, now starting at $62,995. The Lariat extended version starts at $76,995, down $2,500. The base price of the cheapest Lightning remains unchanged at $54,995.
Ford's largest price drop is on the Flash extended model, reduced by $5,500 to a current starting price of $67,995.
This price adjustment by Ford partially reverses a previous downturn when the automaker cut production of its flagship electric vehicles by half and reduced a shift of workers. Ford states that this price reduction will help the company "adapt to the market and achieve the optimal combination of sales growth and customer value."
A report by Bloomberg Intelligence analyst Kevin Tynan reveals that despite discounts of up to $2 billion, electric vehicle inventory across the industry surged by 202% in the first quarter. The prices of Ford's F-150 Lightning and Mustang Mach-E are at their lowest since launch.
Tynan notes, "Ford dealerships have 130 days' worth of supply of F-150 Lightning and Mustang Mach-E in the second quarter, compared to 31 days a year ago. Both vehicles are selling for over $3,500 below sticker, and prices continue to fall."
