Ford announced on Monday that it is reducing the prices of its F-150 Lightning electric pickup trucks by several thousand dollars across the entire lineup.

This decision comes as a result of increased manufacturing capacity, declining costs of battery raw materials, and internal initiatives aimed at expanding production at the Detroit-based automaker, the Associated Press reported.

The price reductions for the F-150 Lightning models, with some reaching as much as $10,000, were interpreted on Wall Street as a potential indication of an upcoming price competition among electric vehicle manufacturers.

Consequently, Ford Motor Co.’s shares experienced a 5% decline on Monday.

These price adjustments were unveiled just two days after Tesla announced the production launch of its Cybertruck electric pickup, albeit almost two years later than originally planned, and with limited information regarding its pricing details.

Written by staff