Electric vehicle prices are falling, as growth has slowed

DETROIT (WWJ) — The competition in the electric vehicle market is starting to center around price cuts.

WWJ Auto Beat Reporter Jeff Gilbert says Tesla has had several price cuts, and when Ford Motor Co. cut the price of the Mustang Mach-E, sales took off.

Now Ford Chief Operating Officer Kumar Galhotra has confirmed price cuts on the F-150 Lightning electric pickup, which starts shipping to customers this month.

In fact, EV prices in general have been falling as growth has slowed.

“This is the beauty of living in a capitalist system, right? Supply and demand,” Galhotra said. “And new technology like electric vehicles is going to take some time to find the right sweet spot and the balance.”

“I don’t think we as industry professionals are going to pick that sweet spot.
The customer is going to pick it.”

Galhotra not of this comes as a surprise to the folks at Ford.

“It’s going to be a time for a while where the marketplace is going to be not so settled,” he added. “And like I said, we have optionality. We’ll respond to the marketplace as necessary.”

Gilbert reported this comes as Ford recently delaying the launch of two other electric vehicles, while the automaker will soon see new electric pickup competition from both General Motors and Ram.