01:45 PM EDT, 04/11/2024 (MT Newswires) -- (Updates with Ford comment in the fourth paragraph.)

Ford (F) is cutting the price of its F-150 Lightning electric pickup truck, according to media reports citing a bulletin sent by the company to dealerships.

The price changes, which went into effect on April 5, apply to the truck's XLT, Flash, and Lariat versions, the reports said.

The biggest price trim is for the Flash model at $5,500, the reports added.

"We are adjusting pricing for [model year 2024] models as we continue to adapt to the market to achieve the optimal mix of sales growth and customer value," Ford told MT Newswires. "Pricing remains unchanged for [model year 2023] F-150 Lightning models which are available for customers today."