Ford just brought the F-150 Lightning electric pickup truck a lot closer to the originally promised starting price.

On Monday, Ford lowered the price of the F-150 Lightning by $9,979 on the base Pro model. It now costs $51,990, including a $1,995 destination charge. The pricing adjustment marks the first decrease after four price hikes since the launch of the Lightning in April 2022. 

That puts it at only 25% more than the electric truck's base price at the time of its introduction, when it cost $41,669—versus its recent markup of nearly 50%.

Ford Model E spokesperson Marty Günsberg told Green Car Reports that any Lightning currently on order, scheduled for production, or scheduled for delivery will receive the price cut effective today.

The base Lightning Pro model is sold out for retail customers for the 2023 model year, according to Günsberg.

XLT models received a $9,479 price drop and now cost $56,990 with the Standard Range battery. Opting for the larger Extended Range battery pack adds $15,000.

Lariat models received a $6,979 price cut and now cost $71,990 for Standard Range trucks while Extended Range Lariats now cost $79,490.

Top-of-the-line Platinum Extended Range models received a $6,079 price cut and cost $93,990.

Ford Model E Chief Customer Officer Marin Gjaja noted that the four Lighting price increases were due to rising material cost and supply chain constraints. Ford said the Lightning's Rouge Plant will have an annual targeted production run rate of 150,000 units after recent upgrades, and improved battery raw material costs and scaling production led to these price cuts.

Ford said most F-150 Lightnings should remain eligible for the full $7,500 federal tax credit going forward.