Ford Cuts F-150 Lightning Prices by up to $5,500 for Select Trims in Bid To Bolster Sales

Ford F-150 Lightning 10 photos
Photo: Ford
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Many mocked Tesla for its deep price cuts in January 2023, but the market proved that Tesla's decision was the right move. Ford learned that cutting prices helps with EV sales and is willing to try more of this medicine. The 2024 F-150 Lightning will get a sizeable price cut, up to $5,500 in the case of the recently announced Flash trim.
Ford has struggled to find buyers for its electric vehicles for most of last year. Dealer lots were flooded with unsold Mustang Mach-E and F-150 Lightning, and the Blue Oval was forced to announce production halts at its main EV factories. Ford is still losing a lot of money on every electric car it sells, which is why following Tesla into a price war was not an easy decision.

And yet, price cuts it did, with the Mustang Mach-E the main beneficiary. The electric crossover became much more compelling, recording a 77% year-over-year jump in sales in the first quarter. This made it the second-best-selling electric SUV in the US, behind the Tesla Model Y. However, the F-150 Lightning hasn't received the same love from the marketing department. Ford sold 7,743 units in the first quarter, although many could still be found on dealer lots.

The fact that Ford decided to raise the prices for the 2024 F-150 Lightning in January didn't help either. Most trims got more expensive by up to $7,500. The exceptions were Platinum and Platinum Black trims, which received price cuts of $7,000 and $5,000, respectively. Now, Ford is reconsidering its move in light of disappointing Lightning sales.

According to a memo Ford sent to dealers earlier this month, the 2024 F-150 Lightning is now up to $5,500 more affordable. The Flash trim saw the biggest price drop ($5,500), now selling at $67,995. The Flash trim was introduced for the 2024 model year as the "sweet spot" in the F-150 Lightning's lineup. Loaded with tech and comfort features, the F-150 Lightning Flash is equipped with a heat pump, Power Tailgate, and Tow Package. It also offers up to 320 miles (515 km) of range.

The XLT and Lariat trims received $2,000 and $2,500 discounts, with prices down to $62,995 and $76,995, respectively. The top trims, Platinum ($84,995) and Platinum Black ($92,995), kept their prices, although they were already discounted in January. Ford also decided to keep the F-150 Lightning Pro's price unchanged at $54,995.

Ford announced earlier that it would cut the workforce by one-third at its Rouge EV Center, where the F-150 Lightning is built. This means transitioning to only one shift, but with a seven-day-a-week program instead of a five-day week. The Blue Oval is also delaying plans to launch the second generation of its electric pickup trucks, known under the codename T3.
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About the author: Cristian Agatie
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After his childhood dream of becoming a "tractor operator" didn't pan out, Cristian turned to journalism, first in print and later moving to online media. His top interests are electric vehicles and new energy solutions.
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