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Ford Motor (F) slashed prices for its F-150 Lightning EV truck Monday after Tesla (TSLA) produced its first Cybertruck and signaled its first electric truck could be competitively priced. Ford stock declined with several other U.S. EV stocks while Tesla stock popped.
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Meanwhile, little-known used-car dealer America’s Car-Mart (CRMT) jumped on an analyst upgrade.
Ford on Monday cut the pricing of its all-electric F-150 Lightning pickup truck. The automaker cited increased plant capacity, its efforts to scale up production and lower battery raw material costs.
Prices on Lighting versions would see cuts of anywhere from $6,000-$10,000, Ford said. After the cuts, the Lightning price would start at $50,000 plus destination fees. The company had hiked Lightning EV prices several times after its 2021 debut, due to supply issues and higher battery costs.
Over the weekend, Tesla announced the first Cybertruck produced in Austin, Texas, a big milestone after many delays.
Cybertruck pricing has not been revealed. But a tweet Monday from Tesla CEO Elon Musk hinted at competitive pricing vs. the Lightning rival. “The Ford Lightning is a good vehicle, just somewhat expensive, especially given the high interest rates these days for any kind of loan,” he said.
Investors also await a timeline on the start of mass production and deliveries for the long-delayed Cybertruck. Meanwhile, some analysts worry about Tesla overcapacity issues in the months ahead.
New and used car prices are under pressure in 2023 due to rising inventories and more expensive car loans.
On Monday, Stephens analyst Vincent Caintic upgraded America’s Car-Mart to overweight from equal weight saying it is “a winner whether industry turmoil continues or begins to recover.”
The Stephens analyst also hiked his price target on CRMT stock to $135. That’s nearly doubled from $70 prior target, and 15% above where shares traded on Monday.
Ford Stock, CRMT Stock
In stock market trading Monday, Ford stock tumbled 5% to 14.22, extending a three-day slide. Tesla stock gained 2.4% to 288.05.
Car-Mart stock jumped 13.2% to 117.36. CRMT stock is up more than 60% from March lows.
U.S. EV stocks, both legacy auto giants shifting to electric vehicles and startups, declined broadly Monday.
General Motors (GM) lost more than 3%. Among EV startups, Rivian (RIVN) shed 4.4%, Nikola (NKLA) tanked almost 8% and Canoo (GOEV) edged 0.3% lower.
But Lucid (LCID)rallied 4.3% after three down days and Fisker (FSR) popped 3.8% after two down days that pulled shares back to the 50-day moving average.
In recent months, both Ford and GM announced that their EV customers will soon be able to charge their electric vehicles at many Tesla Superchargers in North America.
Tesla stock had surged on the news.
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