Ford cuts prices on F-150 Lightning XLT, Flash and Lariat versions – 04/11/2024 at 8:23 pm

(Automatic translation by Reuters, please see disclaimer

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April 11 – Ford Motor FN has cut prices on some variants of its F-150 Lightning electric pickup truck by up to $5,500, the Detroit automaker said Thursday, as it navigates the competitive EV market.

Demand for EVs has been volatile, prompting automakers to consider hybrids as consumers prefer the flexibility offered by dual powertrains.

Ford’s XLT variant will cost $2,000 less, at $62,995, while the Lariat variant will now be 3.14 percent cheaper, with a suggested price of $76,995. The prices of the PRO and Platinum variants remain unchanged.

The price of the Lightning Flash variant will be reduced by $5,500 and will reach $67,995.

The announcement comes after Ford said it was shipping the new F-150 and Ranger motorcycles to North American dealers and was resuming deliveries of the F-150 Lightning electric pickup truck, which it discontinued in February.

In April, Ford posted an 86.1% increase in sales of its electric vehicles and a 42% increase in sales of hybrid vehicles in the first quarter.

The Detroit automaker faces stiff competition from General Motors GM.N’s Silverado EV, Chinese electric offerings and Tesla TSLA.O .

Ford cut the price of its Mustang Mach-E electric SUV to $8,100 in February, after sales fell sharply the month before.

The company also has a “skunk works” team working on a new low-cost EV architecture that could serve as the basis for sedans, SUVs and trucks.