Ford Motor is increasing the price of some 2024 electric F-150 Lightning models, while lowering the costs of its most expensive models. Ford’s F-150 Lightning is the best-selling electric pickup in the U.S. after a record fourth quarter. As demand continues to grow, Ford is adjusting 2024 F-150 Lightning prices and trim packages.
With over 100 years of experience building trucks, Ford knows a thing a two. Ford calls the F-150 Lightning its “smartest, most innovative” truck yet.
Ford F-150 electric price increase
As per Ford spokesperson Martin Gunsberg the Lightning is the best-selling electric pickup in the U.S. after a record fourth quarter. The Lightning topped Rivian’s R1T after the EV maker missed Q4 delivery estimates.
The Detroit automaker Ford confirmed on Wednesday that new starting prices for the F-150 Lightning EV will range from $54,995 for an entry-level Pro model to $92,995 for a Platinum Black trim. Before the Ford F 150 price increase, the models started at between $49,995 for the 2023 model.
The Ford F 150 lightning EV prices of the Platinum and Platinum Black models, with additional technologies and luxury amenities which was $97,995, were lowered by $5,000 and $7,000, respectively.
Price adjustment to meet estimate
Ford F 150 lightning EV price adjustments come as electric vehicle companies attempt to balance slower-than-expected consumer demand with profits. The company has changed pricing on the Lightning as well as the all-electric Mustang Mach-E several times based on consumer demand and raw material costs.
Ford cutting production
The Ford last month confirmed it would cut planned production of the F-150 Lightning roughly in half this year, marking a major reversal after the automaker significantly increased plant capacity for the EV in 2023.
“The F-150 Lightning is America’s best-selling electric pickup after a record fourth quarter, and demand continues to grow,” a Ford spokesperson said. “We are making adjustments to pricing, production and trim packages to achieve the optimal mix of sales growth, profitability and customer access to the IRA tax benefit.”
Mandatory federal tax credit for Ford
Ford F-150 electric price changes exclude a mandatory $2,095 destination fee as well as any federal or local incentives for purchasing an all-electric vehicle.
The F-150 Lightning is one of a limited number of vehicles that will maintain a $7,500 federal tax credit in accordance with more stringent requirements for assembly and materials for the vehicles and their batteries that took effect Jan. 1.
F 150 lightning sales
F 150 lightning sales have steadily increased in 2023, notching a monthly record of roughly 4,400 sold in November. Ford’s F 150 lightning sales has only been 20,365 of the trucks this year through November, up 54% from a year earlier.
Ford is expected to report its December and year-end U.S. sales Thursday.
