Shares in Ford and other electric vehicle makers tumbled after the auto group announced price cuts for its flagship electric pick-up truck, continuing a sector price war.
The sticker prices of seven F-150 Lightning models will be reduced between $6,079 and $9,979, with the “Pro” base vehicle now falling below $50,000, Ford said on Monday.
The company cited increased plant capacity at its Rouge Electric Vehicle Center in Michigan, lower battery raw materials costs, and overall efforts to scale production as reasons for the price cut.
Ford previously lowered prices of its Mustang Mach-E after Tesla cut its own prices in January. Those cuts have contributed to rising sales for both automakers.
Shares of Ford were down 5.4 per cent in morning trading in New York, while General Motors dropped 2.9 per cent and Rivian sank 5.4 per cent. Tesla gained 1.7 per cent as its Cybertruck went into production.
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