Ford cuts prices for F-150 Lightning XLT, Flash and Lariat variants

-Ford Motor cut prices of some variants of its F-150 Lightning electric pickup truck by as much as $5,500, the Detroit automaker said on Thursday, as it navigates a competitive EV market.

Demand for EVs has been volatile, prompting automakers to focus on hybrid vehicles instead as consumers prefer the flexibility offered from dual powertrains.

Ford’s XLT variant will cost $2,000 less at $62,995, while the Lariat variant will now be down 3.14%, carrying a suggested price of $76,995. Prices for its PRO and Platinum variants remain unchanged.

The Lightning’s Flash variant would be priced $5,500 lower at $67,995.

The announcement comes after Ford said it was shipping out the new F-150 and Ranger pickup trucks to North American dealers and restarting shipments of F-150 Lightning electric trucks, which it halted in February.

Ford in April posted an 86.1% rise in sales of its EVs and a 42% jump in sales of hybrid vehicles during the first-quarter.

The Detroit automaker faces stiff competition from General Motors Silverado EV, China’s electric offerings and Tesla.

Ford had cut prices on its Mustang Mach-E electric SUV by up to $8,100 in February, after sales fell sharply a month earlier.

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

(Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)