Passage reduces costs on electric pickups in the midst of fight with Tesla

Portage Engine Co. has reduced the costs on its line of electric vehicle (EV) pickup trucks with an end goal to challenge EV market pioneer Tesla.

According to a Monday report by CNBC, the automaker based in Detroit said that the reason for the price reduction is to increase vehicle production. The company noted that it saw improvements when it was able to achieve lower costs for battery material.

Costs for the most economical variant of its renditions of the F-150 Lighting will currently begin at $50,000, a $10,000 cut.

CNBC reports that Ford claims that prices for all F-150 truck models will fall by at least $6,000 from levels set in March 2024. Presently, the most costly adaptation of the Lighting F-150 model will begin at $92,000, down from about $98,000.

According to Reuters, Marin Gjaja, Ford’s Model e chief customer officer, said in a statement on Monday, “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.”

Gjaja apparently added that the organization will proceed “to work behind the scenes to further develop openness and reasonableness.”

Portage’s move comes as the automaker is in a cost battle with Tesla, which is the business chief in EV deals.

Tesla Chief Elon Musk answered Portage’s most recent drive, saying in a tweet that, “The Passage Lightning is a decent vehicle, just fairly costly, particularly given the exorbitant loan fees these days for any sort of credit.”

Expanding the creation of the Lightning and other Portage EVs has been fundamentally important for Chief Jim Farley, however the automaker has sold less than 5,000 Lightning models in the second quarter of this current year after a fire in one of the EV trucks prompted creation to be closed down for a very long time, CNBC revealed.

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