Ford Motor Co. plans to undercut several rival producers of electric pickup trucks when its battery-powered F-150 goes on sale next year.

The company revealed prices for its newest truck—the first fully electric version of its top-selling and most-profitable vehicle—during an event Wednesday evening at its Dearborn, Mich., headquarters.

The company said the F-150 Lightning will have a starting price of $39,974 when it arrives in showrooms next year, significantly below that of some other electric trucks slated to hit the market. That is before tax credits are factored in.

Production of the new electric pickup is expected to start next spring in Michigan, the company said.