Ford slashes F-150 Lightning prices by as much as $10,000

The automaker said retail customers who configure and order XLT, Lariat or Platinum models through their dealer or online before the end of July will receive an extra $1,000 discount.

Customers can also qualify for a $7,500 federal tax credit, as long as they meet certain criteria.

Ford CEO Jim Farley has previously cautioned against price cuts, calling them a “worrying trend” that risks commoditizing products and angering customers.

“The more you cut the prices, when you cut them aggressively, the resale value for people who bought at higher prices is awful,” Farley said in May at a Wall Street Journal conference. “And those people never forget.”

Ford has also reduced the price of its Mustang Mach-E crossover, although Farley said it was in response to Tesla’s Model Y cuts and that “there’s a limit to how far we’ll go.”

Ford said the Rouge Electric Vehicle Center, the Dearborn, Mich., plant where the Lightning is built, is closed for an expansion project that will allow for an annual production run rate of 150,000 by the end of the year. It was not immediately clear how long the plant would be down.