Ford has announced serious pricing updates for its 2024 F-150 Lightning lineup, a move aimed at addressing the sluggish sales of electric vehicles in the US market.
The changes, which include a $10,000 hike in starting prices and a $7,000 reduction on premium trims, were communicated to dealers on Wednesday, according to the Detroit Free Press.
The pricing revisions come on the heels of Ford’s decision to scale back production of the F-150 Lightning in December.
The updated pricing structure for the 2024 models is as follows: Pro ($54,995, up from $49,995), XLT 311 A ($64,995, up from $54,995), Flash ($73,495, new tech-focused trim), Lariat ($79,495, up from $77,495), Platinum ($84,995, down from $91,995), and Platinum Black ($92,995, down from $97,995).
Two trims, XLT 312 A and the 240-mile range Lariat, have been discontinued. The prices do not include delivery or destination fees, which can add up to $2,095 to the final cost.
According to a Ford spokesperson, the pricing changes are intended to optimize sales growth, profitability, and customer access to the IRA tax benefit.
Interestingly, the two F-150 Platinum trucks, which saw price reductions, are the only models in the lineup that do not qualify for the $7,500 federal tax credit.
Despite a steady increase in sales, Ford’s EV business has lost $3.1 billion as of October 2023, leading the company to reassess its capacity and put plans for a Kentucky “mega campus” EV battery factory on hold.