/Ford prices electric F-150 Lightning pickup from $40,000 to $90,000

Ford prices electric F-150 Lightning pickup from $40,000 to $90,000

DEARBORN, Mich. — Ford Motor says its new electric F-150 Lightning pickup will be profitable when it arrives in U.S. dealer showrooms next year, with pricing between about $40,000 and $90,000.

The pickup, which Ford officially unveiled Wednesday night, resembles the automaker’s current F-150 but includes new interior and exterior features. It’s powered by two electric motors and a battery pack instead of a traditional gas engine. It will be offered in two battery options with targeted ranges of 230 miles or 300 miles, Ford said.

The F-150 Lightning is arguably the most important vehicle to the company in years. It is expected to safeguard the Ford F-Series’ decades-long sales leadership in the U.S. amid the industry’s expected shift to EVs. F-Series includes the F-150 and its larger siblings. It is a roughly $42 billion business for Ford and its biggest profit center.

2022 Ford F-150 Lightning

Ford

“For both Ford and the American auto industry, F-150 Lightning represents a defining moment as we progress toward a zero-emissions, digitally connected future,” Ford Chairman Bill Ford said in a statement. “Now we are revolutionizing it for a new generation.”

Its significance to Ford and American consumers is why investors and politicians, including President Joe Biden, are highly interested in the vehicle and its reception from buyers. Biden on Tuesday visited the Michigan plant that will produce the EV. He used it as an example of a new era for the U.S. auto industry.

Ford said a work-oriented version of the truck will start at $39,974. More consumer-centric models will start at $52,974 and top out at about $90,000, according to executives. The automaker is taking refundable $100 reservations for the F-150 Lightning on its website.

The vehicle is expected to be one of the first mainstream electric pickups, if not the first, when it arrives in dealer showrooms by mid-2022. Tesla’s Cybertruck and GMC’s Hummer EV are scheduled to be released later this year; however, they’re expected to be more niche products.

Recipe for profitability

Darren Palmer, Ford’s head of EVs, said the F-150 Lightning lineup will be profitable. He declined to specify whether every model will make money, saying the company doesn’t discuss such details for any vehicle.

Ford’s recipe for profitability with the F-150 Lightning is scale. While the Lightning is built on a unique truck frame, it largely shares parts with its traditional gas-powered siblings such as seats, doors and much of the vehicle’s interior to assist with supplier pricing.

2022 Ford F-150 Lightning

Ford

“We’re going to make money on this truck,” Palmer said during a media event at a Ford proving grounds facility in Michigan. “Our mantra is: 1. We have to make money on it … and 2. They have to do things that other trucks never did. That’s how you tempt people in.”

Part of that scale for the truck will be driven by sales to commercial vehicle customers, according to Ted Cannis, general manager of Ford’s North American commercial business. He said commercial customers are “the only way you can build up the volumes” at this time, given consumer demand remains relatively low for EVs.

Expanding and better monetizing fleet sales to municipal and corporate customers is a focus of the company under Ford CEO Jim Farley. It’s a segment Ford leads in globally.

‘Not a science experiment’

Ford’s pitch to customers on the EV is relatively simple: It’s an F-150 but electric. It will operate much like a traditional pickup, while doing some things better. That includes speeding from 0 to 60 mph in under 5 seconds and powering a home for up to 10 days in the event of a blackout.

“F-150 Lightning is the truck of the future, today,” said Kumar Galhotra, Ford’s president of the Americas and international markets. “The F-150 Lightning is a great example of how we’re doing business at Ford today, using electrification to make our vehicles even better.”

2022 Ford F-150 Lightning

Ford

Vehicle tech

The F-150 Lightning has a host of new or upgraded features compared with current gas-powered models, including over-the-air, or remote, updates.

An obvious difference is an available 15.5-inch touchscreen inside the vehicle. It also comes available with 11 outlet plugs, including four in the trunk and one 240-volt outlet in the pickup box for heavy-duty equipment.

2022 Ford F-150 Lightning

Ford

2022 Ford F-150 Lightning

Ford