Ford F-150 Lightning electric truck.
John Tolomacki Boston Globe | Getty Images
DETROIT – Ford Motor Co. is increasing prices for some 2024 F-150 Lightning models, while cutting costs for its most expensive models.
The Detroit automaker confirmed Wednesday that starting prices for the new pickup truck will range from $54,995 for the entry-level Pro model to $92,995 for the Platinum Black model. Models previously started at between $49,995 and $97,995 for the 2023 model.
Prices for the Platinum and Platinum Black models, with additional technology and luxury amenities, have been reduced by $5,000 and $7,000, respectively.
The price adjustments come as electric car companies try to balance slower-than-expected consumer demand with profits. Ford has changed prices for the Lightning as well as the 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 nearly half this year, marking a major reversal after the automaker made a significant increase in electric vehicle factory capacity in 2023.
“The F-150 Lightning is the best-selling electric truck in America after a record fourth quarter, and demand continues to grow,” a Ford spokesperson said. “We are making adjustments to pricing, production and parts packages to achieve the optimal combination of sales growth, profitability and customer access to IRA tax benefits.”
Pricing changes do not include the mandatory $2,095 destination fee plus any federal or state incentives for purchasing an all-electric vehicle.
The F-150 Lightning is one of a limited number of vehicles that will retain a $7,500 federal tax credit under stricter requirements for assembly and materials for the vehicles and their batteries that went into effect on January 12. 1.
F-150 Lightning sales have steadily increased in 2023, setting a monthly record of about 4,400 sold in November. The company has sold just 20,365 trucks this year through November, an increase of 54% from the previous year.
Ford is expected to announce its December and year-end sales in the United States on Thursday.
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