Ford adjusts the pricing of its F-150 Lightning EV by as much as $10,000

DETROIT – Ford Motor is increasing the price of some 2024 F-150 Lightning models, while lowering the costs of its most expensive models.

The Detroit automaker confirmed Wednesday that new starting prices for the pickup will range from $54,995 for an entry-level Pro model to $92,995 for a Platinum Black trim. The models previously started at between $49,995 and $97,995 for the 2023 model-year.

The prices of the Platinum and Platinum Black models, with additional technologies and luxury amenities, were lowered by $5,000 and $7,000, respectively.

The price adjustments come as EV companies attempt to balance slower-than-expected consumer demand with profits. Ford 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 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 electric vehicle 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.”

The 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.

Sales of the F-150 Lightning have steadily increased in 2023, notching a monthly record of roughly 4,400 sold in November. The company has only sold 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.