Ford to slash prices of EV F-150 Lightning pickup by up to $10,000

July 17 (UPI) -- Ford on Monday said it was slashing the prices for its F-150 Lightning pickup truck as a product of lowering the cost of battery materials and increasing production.

The auto giant said some of its versions will see prices for all versions cut by at least $6,000 with some of its cheapest models receiving a price reduction of almost $10,000.

"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," Marin Gjaja, chief customer officer, of Ford Model E, said in a statement.

"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."

Ford had increased the pickup's prices numerous times since its 2021 debut as the company faced supply chain challenges for battery materials for the electric vehicle then, Now, with battery cost stabilizing along with plant improvements, Ford said it is prepared to ramp up production.

Ford said will also offer a $1,000 bonus for retail customers who build their own XLT, Lariat or Platinum truck through their dealer or at ford.com through July 31 as part of its national summer sales event.

The automaker said most F-150 Lightning models are also eligible for as much as $7,500 in potential Inflation Reduction Act consumer and commercial electric vehicle tax credits.

Those incentives could help customers who are staring at entry-level cost for purchasing a lower-end Lightning at about $50,000 with upper-end versions with extended-range Platinum trim going for about $92,000 with the reductions.