Ford flipped price increases on the 2024 Ford F-150 Lightning electric pickup truck announced at the beginning of the year to up to a $5,500 price cut now, according to a dealer bulletin first reported by CarsDirect.
The base Pro with the Standard Range 98-kwh battery pack remains unchanged from the price increase at the beginning of the year, costing $57,090, including a $2,095 destination fee. The price cuts start on the XLT trim, which is $2,000 less to $65,090.
The new Lightning Flash trim is the least expensive way to get the Extended Range 131-kwh battery pack, and it’s now more accessible with a $5,500 price cut to $70,090.
The Lariat receives a $2,500 cut to $79,090, while the range topping Platinum remains the same at $87,090.
Pricing for the 2024 Ford F-150 Lightning hasn’t yet been updated on Ford’s consumer website, but the price cuts are similar in magnitude to the price cuts on Ford’s other electric vehicle, the 2024 Ford Mustang Mach-E.
While electric vehicle sales have cooled, they continue to grow, increasing by 3.3% in the first quarter of 2024. Total new car sales grew 5.1% in the same time, according to the Associated Press.
Vehicle supply in general has finally caught up to pre-pandemic levels, and in Ford’s case the Lightning faces new electric truck competition from the Tesla Cybertruck, Chevy Silverado EV, and updates to the Rivian R1T.
Volatile pricing on electric vehicles has become the norm as automakers respond to market demand and supply adjustments. Price cuts of about $3,000 initiated on holdover 2023 Mustang Mach-E models have carried over to 2024, and Tesla continues to lead the market by lowering the price of the Tesla Model Y, as the bestselling electric vehicle faces a wave of new competition.
Ford’s pricing on the F-150 Lightning has been as schizophrenic as Tesla’s, with the F-150 Lighting base price reaching a peak of nearly $62,000 in March 2023, but then Ford subsequently lowered the price several times before raising them again at the start of 2024 to now cutting them once again. So, the price cut may or may not last long.
