Ford is significantly raising prices on its popular F-150 Lightning electric pickup for the 2024 model year. Several trim levels see increases up to $10,000, though range-topping versions dropped slightly.
According to Detroit Free Press, the base Lightning Pro jumps $5,000 to a new starting price of $51,974. The mainstream XLT model also jumps $10,000 to $67,474 in its cheapest configuration.
The Lariat trim increases $2,000 to a minimum of $77,474. However, Ford balanced the hikes by lowering prices on the Platinum and new Platinum Black models by $7,000 and $5,000 respectively. The freshly added Flash trim comes in at $3,500 above previous guidance.
Ford explained that strong demand is driving the Lightning’s price adjustments. The brand wants to stay ahead of still-high raw materials costs impacting EV production.
After initially launching for 2022 with very competitive pricing, the Lightning has endured several price hikes from Ford over the past year as supply tightened. But demand appears to be softening in the US EV pickup market recently.
The latest increases may limit take rates for Lightning’s lower trims, slashes 2024 F-150 Lightning Production Plans, From 3,200 a week today to 1,600. But Ford seems confident peak Platinum models have room for slight price drops, also continues offering attractive leasing deals on the electric truck.
Despite the fluctuating pricing, the Lightning retains its $7,500 federal tax credit eligibility for 2024. This incentive makes the truck more affordable versus rival EV pickups.
As the vehicle landscape evolves, Ford is strategically tweaking Lightning’s value proposition. The price hikes on volume trim levels point to strong eagerness among commercial and fleet buyers.
With the F-150 being America’s best-selling truck franchise, Ford wants to capture wide demand for the revolutionary Lightning. Significant 2024 price adjustments reflect efforts to balance value and profitability in a turbulent market.