Ford’s stock falls after F-150 Lightning EV prices cut by up to 17%

The price cuts range from 16.6% on the lowest-priced Pro model to 6.2% for the highest-priced Platinum Extended Range.

Ford stock
F,
-5.94%
fell nearly 6% on Monday.

“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors drove up the cost of the EV truck for Ford and our customers,” said Marin Gjaja, the chief customer officer for the Ford Model e. “We’ve continued to work in the background to improve accessibility and affordability to help to lower prices for our customers and shorten the wait times for their new F-150 Lightning.”

Here are the cuts in the manufacturer’s suggested retail price on the F-150 models:

• Pro: $9,979, or 16.6%, to $49,995 from $59,974.

• XLT 311A: $9,479, or 14.7%, to $54,995 from $64,474.

• XLT 312A: $8,479, or 12.4%, to $59,995 from $68,474.

• XLT 312A Extended Range: $8,879, or 11.3%, to $69,995 from $78,874.

• Lariat 510A: $6,979, or 9.1%, to $69,995 from $76,974.

• Lariat Extended Range: $8,497, or 9.7%, to $77,495 from $85,974.

• Platinum Extended Range: $6,079, or 6.2%, to $98,074 from $104,153.

Ford said it was offering a $1,000 bonus for retail customers who build their own XLT, Lariat or Platinum truck through a dealer or Ford’s website through July 31.

The price cuts come after electric-vehicle giant Tesla Inc.’s
TSLA,
+3.20%
price cuts led to a blowout second-quarter deliveries report.

Tesla shares gained 3.2% to a 10-month high.

Meanwhile, Ford’s stock peaked at a 10-month closing high of $15.35 on July 5, the day before it reported second-quarter deliveries.

Ford’s stock has climbed 11% over the past three months through Monday, while Tesla shares have run up 55% and the S&P 500
SPX,
+0.39%
has gained 9%.