Ford Motor said today that it is lowering the MSRP of F-150 Lightning® electric vehicle for all customers by $6000 to $10,000. The largest price cuts are on the least expensive models. The Rouge Electric Vehicle Center in Michigan is currently closed completing changes that will triple the plant’s annual capacity to a targeted 150,000 F-150 Lightning trucks beginning this fall. Tesla, of course, surprised the industry with its recent price cuts.* The increasing supply of semi-conductors is also adding to downward pricing pressure. (AutoInformed: Ford EV Customers to Get Access to Tesla Superchargers)
“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors [profits?] drove up the cost of the EV truck for Ford and our customers,” said Marin Gjaja, chief customer officer, Ford Model e. “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.”
The Biden Recovery and awakened industrial policy via the Inflation Reduction Act is good for business and consumers.
With ordering open for all customers, Ford is now offering a $1000 bonus for retail customers who build their own XLT, Lariat or Platinum truck through their dealer or via ford.com from July 6 to July 31 as part of the national summer sales campaign. In addition, Ford Credit is offering eligible buyers interest rates as low as 1.9 % APR for 36-months.1
Many F-150 Lightning models are also eligible for as much as $7500 in potential Inflation Reduction Act consumer and commercial electric vehicle tax credits.2
*EV Sales Trends
About 300,000 new pure electric vehicles (EVs) were sold in the U.S. during Q2, an all-time record for any three month period. It was an big increase of 48% when compared with Q2 2022. Tesla was the largest seller of EVs (~175,000) sold, an increase of 34.8% compared quarter-over-quarter. Sales growth came from price cuts – mainly at Tesla as well as incentives higher than the overall above the industry average. During June, the average price paid for an EV was down nearly 20% year-over-year. EV share of the U.S. market in Q2 was 7.2%, ( 5.7% Q2 2022) roughly equal to Q1.
Inevitable Ford Footnotes
- Requires financing through Ford Credit. Not all buyers will qualify. 36 months at $28.60 per month per $1,000 financed, regardless of down payment. Place a new retail order or take new retail delivery from an authorized Ford Dealer’s stock by 07/31/2023. See dealer for qualifications and details.
- Consult with your own tax or legal professional to determine your individual eligibility. Tax credit amount is based on vehicle-specific component sourcing and assembly and may be subject to change. Retail customers may not claim the credit if (1) your adjusted gross income exceeds certain thresholds or (2) the MSRP of the vehicle, as configured, exceeds $80,000 (including all optional equipment attached to the vehicle at the time of delivery to the dealer, but excluding destination charges, optional items added by the dealer, taxes and fees). The federal tax credit is a potential future tax savings. The amount of your tax savings will depend on your individual tax circumstances. Incentives and additional rebates are not within Ford’s control. This information does not constitute tax or legal advice. For additional information, go to https://www.afdc.energy.gov/laws/409.
Ford Cuts F-150 Lightning Prices by $6000 to $10,000
Ford Motor said today that it is lowering the MSRP of F-150 Lightning® electric vehicle for all customers by $6000 to $10,000. The largest price cuts are on the least expensive models. The Rouge Electric Vehicle Center in Michigan is currently closed completing changes that will triple the plant’s annual capacity to a targeted 150,000 F-150 Lightning trucks beginning this fall. Tesla, of course, surprised the industry with its recent price cuts.* The increasing supply of semi-conductors is also adding to downward pricing pressure. (AutoInformed: Ford EV Customers to Get Access to Tesla Superchargers)
“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors [profits?] drove up the cost of the EV truck for Ford and our customers,” said Marin Gjaja, chief customer officer, Ford Model e. “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.”
The Biden Recovery and awakened industrial policy via the Inflation Reduction Act is good for business and consumers.
With ordering open for all customers, Ford is now offering a $1000 bonus for retail customers who build their own XLT, Lariat or Platinum truck through their dealer or via ford.com from July 6 to July 31 as part of the national summer sales campaign. In addition, Ford Credit is offering eligible buyers interest rates as low as 1.9 % APR for 36-months.1
Many F-150 Lightning models are also eligible for as much as $7500 in potential Inflation Reduction Act consumer and commercial electric vehicle tax credits.2
*EV Sales Trends
About 300,000 new pure electric vehicles (EVs) were sold in the U.S. during Q2, an all-time record for any three month period. It was an big increase of 48% when compared with Q2 2022. Tesla was the largest seller of EVs (~175,000) sold, an increase of 34.8% compared quarter-over-quarter. Sales growth came from price cuts – mainly at Tesla as well as incentives higher than the overall above the industry average. During June, the average price paid for an EV was down nearly 20% year-over-year. EV share of the U.S. market in Q2 was 7.2%, ( 5.7% Q2 2022) roughly equal to Q1.
Inevitable Ford Footnotes