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Ford just lowered the price of its F-150 Lightning truck — here's why Tesla is taking note

"[It's] a good vehicle, just somewhat expensive."

Ford electric vehicles are challenging Tesla for EV market dominance

Photo Credit: Getty Images

Ford electric vehicles have been gaining in popularity in recent years, and the F-150 Lightning might one day be the most popular of the bunch. 

Whether they're powering homes during power outages or sourcing the power for rock concerts, Ford F-150 Lightnings are clearly full of power.

Yet, the brand recently slashed the price of some of its Lightning models by nearly $10,000. So what's going on here?

Why would Ford drop the price of the Lightning?

Despite being named MotorTrend's Truck of the Year in 2023, the cost to purchase an F-150 Lightning went down significantly. The cheapest F-150 Lightning went from nearly $60,000 to just under $50,000.

According to Reuters, the price drop seems to be a tactic in Ford's ongoing price war with Tesla, which still holds an advantage in the EV market. Yet, Ford itself claimed that it could drop the F-150 Lightning's price due to cheaper materials and ease of producing EVs, plus the company getting more efficient with production.

It is true, however, that the materials used in EV batteries, like the metals lithium and cobalt, have become less expensive recently.

But some believe that the timing of the announcement of the lower prices is no coincidence — especially considering that Tesla has begun to produce Cybertrucks.

What has Elon Musk said about the Lightning?

Tesla's CEO, Elon Musk, has not kept his opinions to himself about the Ford Lightning news. 

In one tweet comparing the prices of the F-150 Lightning with those of the Cybertruck, Musk commented, "The Ford Lightning is a good vehicle, just somewhat expensive, especially given the high interest rates these days for any kind of loan."

Moving forward

Ford confirms most models of F-150 Lightnings are also eligible for the Inflation Reduction Act EV tax credits (of up to $7,500). 

So, whatever the reason behind Ford's decision to slash prices, having more vehicles eligible for a $7,500 tax credit to incentivize a cleaner and more affordable transportation sector is definitely a good thing.

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