Ford raises — and lowers — prices on its F-150 Lightning pickups

A group photograph of various Ford F-150 Lightning models.

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Ford is making a number of pricing updates across its 2024 F-150 Lightning range as sales of electric vehicles within the US slow. Ford notified its dealers about the price changes on Wednesday according to the Detroit Free Press, increasing the starting prices by up to $10,000 while reducing pricing on some of the most premium models by up to $7,000. The 2024 pricing changes follow Ford announcing plans in December to cut production of its F-150 Lightning pickups.

Here’s what the new pricing looks like for each 2024 F-150 Lightning EV model (pricing for 2023 models remains unchanged):

  • Pro: Increase from $49,995 to $54,995
  • XLT 311 A: Increase from $54,995 to $64,995
  • Flash: New “tech-forward” offering for $73,495
  • Lariat: Increase from $77,495 to $79,495
  • Platinum: Reduced from $91,995 to $84,995
  • Platinum Black: Reduced from $97,995 to $92,995

Two existing trim levels — the XLT 312 A and the 240-mile range Lariat — have been eliminated from the 2024 lineup entirely. The updated pricing does not include delivery or destination fees, which can cost up to $2,095.

A Ford spokesperson told CNBC News that the pricing changes are intended to optimize “sales growth, profitability and customer access to the IRA tax benefit.” The two F-150 Platinum trucks — the only models to see a price reduction in these updates — are also the only vehicles in the lineup that don’t qualify for the $7,500 federal tax credit.

Ford’s EV business has so far been a money sink, losing the company $3.1 billion last year as of October 2023 despite a steady increase in F-150 Lightning sales. Plans to build a “mega campus” EV battery factory in Kentucky have been put on hold as the vehicle manufacturer adjusts its capacity to better suit the tepid demand.

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