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Ford Increases Cost of Cheapest F-150 Lightning by $5,000

Ford’s F-150 Lightning electric pickup, once benefiting from the full $7,500 US tax credit for 2024, is facing a significant shift in its pricing dynamics. A report from The Detroit Free Press, as cited by The Verge, indicates that the 2024 models will witness an increase in base pricing from $49,995 to $54,995 (excluding delivery charges and incentives). Additionally, the higher-tier XLT model is set to experience a substantial $10,000 hike, reaching $64,995. Fortunately, the 2023 models will maintain their existing pricing structure.

For buyers interested in the premium variants of the F-150 Lightning, there’s a mixed bag of news. The Platinum model, boasting a 300-mile EPA estimated range, is seeing a notable price reduction from $91,995 to $84,995. Meanwhile, the Platinum Black variant (depicted above) is also getting a $5,000 price cut, now priced at $92,995. A comprehensive breakdown of the changes is provided below (excluding destination charge):

  • Pro (240-mile EPA-estimated range): $5,000 increase, going from $49,995 to $54,995
  • XLT 311 A (240-mile EPA-estimated range): $10,000 increase, rising from $54,995 to $64,995
  • Flash (320-mile EPA-estimated range): Introducing a new “tech-forward” model with 300 miles of range, priced at $73,495
  • Lariat (320-mile EPA-estimated range): $2,000 increase, moving from $77,495 to $79,495
  • Platinum (300-mile EPA-estimated range): A significant $7,000 price reduction, dropping from $91,995 to $84,995
  • Platinum Black (300-mile EPA-estimated range): A noteworthy $5,000 price reduction, decreasing from $97,995 to $92,995

Ford has introduced a new addition to its lineup, the F-150 Lightning Flash, featuring sought-after technological capabilities such as an extended-range battery providing a 320-mile EPA-estimated range, BlueCruise hands-free highway driving, and a standard 15.5-inch touchscreen (depicted above). Notably, this expansion comes with the removal of two models from the lineup, specifically the 240-mile range Lariat and the 320-mile range XLT 312. As of now, the 2024 models are not yet available on Ford’s official website.

In a strategic move, Ford CEO Jim Farley emphasized the necessity to streamline the Lightning model offerings to enhance overall quality. This decision is not only aimed at improving sales growth and profitability but also seeks to enhance customer access to IRA tax benefits, according to a spokesperson quoted by CNBC News. Despite facing challenges, the F-150 Lightning has emerged as America’s top-selling electric pickup, experiencing record sales in the fourth quarter, with demand showing continued growth.

Contrastingly, while Tesla achieved record-breaking electric vehicle sales in 2023, Ford’s electric offerings have faced relatively tepid sales, contributing to a $3.1 billion loss for the company in the previous year. Ford, however, remains one of the select automakers that retained the full $7,500 tax credit for the F-150 Lightning, a benefit shared with Tesla (across most of its range) and Chevrolet’s Bolt EUV and EV.

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