Ford Motor Company stocks fell dramatically Monday after the carmaker announced that it will cut the price of its electric Lightning pickup truck up to nearly 17% on some versions.
The announcement came as Ford begins scaling up production of EVs.
The price of the F-150 Lightning Pro will be almost $10,000 less at $49,995.
Ford is also reducing the price on its highest-end Platinum Extended Range F-150 Lightning by about $6,000 to $91,995.
