Shares of Rivian Automotive, Lucid Group, and Tesla Motors moved lower during the cash session in the US after Ford Motor announced price cuts for its electric F-150 Lightning pickup truck amid concerns about sliding demand across the EV industry. Meanwhile, an EV price war between the automakers rages on as unprofitable EV startups struggle to survive.
Let’s begin with a Bloomberg report that says Ford is reducing the price of its Lightning pickup truck by up to 7.5%. Earlier this year, the company paused production of the truck and is set to resume production later in the month
The largest price cut is on the Flash extended-range model, where customers could expect to save $5,500. The model now starts at around $67,995. Ford told Bloomberg that price cuts will help it “adapt to the market to achieve the optimal mix of sales growth and customer value.” The downshift in EV […]
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