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Shares of Ford and other electric vehicle makers declined after the auto conglomerate announced a price cut for its flagship electric pick-up truck, continuing a price war in the sector.

Ford said Monday that the sticker prices of the seven F-150 Lightning models will drop to between $6,079 and $9,979, with the “Pro” base vehicle now under $50,000.

The company cited an increase in plant capacity at its Rouge Electric Vehicle Center in Michigan, lower battery raw material costs and overall efforts to ramp up production as reasons for the price cut.

Ford had earlier reduced the prices of its Mustang Mach-E after Tesla cut its prices in January. Those reductions have contributed to boosting sales for both automakers.

Ford shares were down 5.4 percent in morning trading in New York, while General Motors shares were down 2.9 percent and Rivian shares were down 5.4 percent. Tesla gained 1.7 percent when the Cybertruck went into production.

Shares of Ford and other electric vehicle makers declined after the auto conglomerate announced a price cut for its flagship electric pick-up truck, continuing a price war in the sector.

Ford said Monday that the sticker prices of the seven F-150 Lightning models will drop to between $6,079 and $9,979, with the “Pro” base vehicle now under $50,000.

The company cited an increase in plant capacity at its Rouge Electric Vehicle Center in Michigan, lower battery raw material costs and overall efforts to ramp up production as reasons for the price cut.

Ford had earlier reduced the prices of its Mustang Mach-E after Tesla cut its prices in January. Those reductions have contributed to boosting sales for both automakers.

Ford shares were down 5.4 percent in morning trading in New York, while General Motors shares were down 2.9 percent and Rivian shares were down 5.4 percent. Tesla gained 1.7 percent when the Cybertruck went into production.