What's Going On With Ford Stock?

Ford Motor Co F shares are trading lower. The company on Monday announced price cuts for its F-150 Lightning truck.

What Happened: Ford said it was able to cut prices on the F-150 Lightning due to increased plant capacity, continued work on scaling production and improving raw material costs for batteries.

Ford cut prices on its least expensive model by $9,979. Several other trim packages were cut between $8,479 and $9,479 and its most expensive platinum trim model was cut by just over $6,000. 

Ford previously increased prices on the Lightning multiple times amid supply constraints and higher costs for battery materials, but factory upgrades allowed the automaker to reverse that trend. The company said its Rouge Electric Vehicle Center is temporarily closed while final upgrades are put in place.

"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, chief customer officer at 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."

Ford is set to report second-quarter financial results after the close on July 27. The company is expected to report earnings of 53 cents per share on quarterly revenue of $40.06 billion, according to estimates from Benzinga Pro.

See Also: As Tesla's First Cybertruck Rolls Out, Analyst Details How The EV Pickup Truck Could Be Priced Versus Rival Offerings From Ford, Rivian

F Price Action: Ford shares were down 1.13% at $14.81 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Ford.