These 9 Electric Cars Got Cheaper This Year — and More EV Price Cuts Are Likely
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With Ford slashing the MSRP for its F-150 Lightning pickup trucks by nearly $10,000 this week, the 2023 EV price wars are truly heating up.
New electric vehicle prices are down nearly 20% overall in the past year as a growing list of manufacturers are lowering sticker prices or offering rebates or cash incentives to try to increase sales.
Recent data indicates that dealerships are becoming oversupplied with electric cars — a twist following a prolonged period when the availability of EVs was limited. As the market shifts, lower prices are in store for consumers.
Major price cuts from Tesla kicked off competition among automakers at the start of 2023. Ford just made its second big countermove, cutting prices on the Lightning truck by nearly $10,000 for some trims after previously lowering the manufacturer's suggested retail price (MSRP) for its other flagship EV model, the Mustang Mach-E SUV.
One of the top-rated vehicles of the year, the 2023 Ford Lightning now has a starting MSRP of $49,995, down from $59,974 before the price cut. Buyers can also qualify for up to $7,500 in EV tax credits on Ford Lightning models. That puts the cost of the base trim of the truck closer to the sub-$40,000 price that the company touted when it introduced the first version of the vehicle in 2022.
Ford officials said high material costs and supply constraints forced them to increase prices in 2022 and 2023. But now the company can accommodate more demand because a plant is undergoing final upgrades that will soon enable production at a pace of 150,000 units of the electric truck per year.
The Lightning price cuts likely won't be the last EV price reductions we see this year. EV experts note that automakers across the industry are getting access to cheaper batteries, which gives them room to cut sticker prices.
At the same time, they're facing more pressure to stimulate demand with competitive pricing amid high auto loan interest rates and lackluster demand for certain EVs. That means some automakers are likely going to try to sweeten the deal for customers with lower prices as EV production rises and a flurry of new models hit the market.
EVs with cheaper prices in 2023
