Ford F-150 Lightning electric truck.
John Tulumaki | The Boston Globe | Getty Images
Detroit- Ford is raising prices on some 2024 F-150 Lightning models while reducing the cost of the most expensive models.
The Detroit automaker confirmed Wednesday that the pickup’s new starting price will range from $54,995 for the entry-level Pro model to $92,995 for the Platinum Black model. Previously, the 2023 model started at $49,995 to $97,995.
Prices are reduced by $5,000 and $7,000, respectively, for Platinum and Platinum Black models with additional technology and luxury amenities.
The price adjustment comes as electric vehicle companies try to balance lower-than-expected consumer demand with profits. Ford has changed pricing for the Lightning and all-electric Mustang Mach-E several times based on consumer demand and raw material costs.
Ford confirmed last month that it would cut planned production of the F-150 Lightning by about half this year, a major reversal after the automaker significantly increased production capacity at electric vehicle plants in 2023.
“The F-150 Lightning is America’s best-selling electric pickup truck, achieving record sales in the fourth quarter and continuing to grow in demand,” a Ford spokesperson said. “We are making adjustments to pricing, production and trim packages to deliver sales.” The best combination of growth, profitability and clients enjoying IRA tax benefits.”
The price change does not include a mandatory destination charge of $2,095 and 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 its $7,500 federal tax credit under stricter requirements for the assembly and materials of the vehicles and their batteries that took effect Jan. 1.
F-150 Lightning sales have grown steadily in 2023, with November sales setting a monthly record of approximately 4,400 vehicles. This year through November, the company has sold just 20,365 trucks, a 54% year-over-year increase.
Ford is expected to report December and year-end U.S. sales on Thursday.
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