Ford Motor Adjusts Prices for 2024 F-150 Lightning Models
In response to market demand and profitability goals, Ford Motor announced price adjustments for its 2024 F-150 Lightning models. The new starting prices will range from $54,995 to $92,995.
The entry-level Pro model will start at $54,995, while the Platinum Black trim will begin at $92,995. These prices mark a slight increase compared to the starting prices of the 2023 model, which ranged from $49,995 to $97,995.
However, there is good news for those eyeing the Platinum and Platinum Black models. Ford has lowered their prices by $5,000 and $7,000, respectively. With these adjustments, Ford aims to strike a balance between slower-than-expected consumer demand and profitability.
Adjusting prices based on consumer demand and raw material costs has been a strategy used by the automaker previously. Last month, Ford announced production cuts for the F-150 Lightning, reducing it by roughly half for this year. This decision follows a significant increase in plant capacity for the electric vehicle (EV) in 2023.
Despite these adjustments, Ford proudly states that the F-150 Lightning remains the best-selling electric pickup in America, signaling growing demand for the vehicle. As part of its efforts to optimize sales growth, profitability, and customer access to the Individual Retirement Account (IRA) tax benefit, Ford will continue to make adjustments to pricing, production, and trim packages.
It’s important to note that the price changes do not include a mandatory $2,095 destination fee or any federal or local incentives for purchasing an all-electric vehicle. However, buyers of the F-150 Lightning can still benefit from a $7,500 federal tax credit, making it one of the few vehicles that still maintain this credit under new requirements for assembly and materials.
Sales of the F-150 Lightning have been steadily increasing, with a record-breaking monthly sale of approximately 4,400 units in November. From January through November, Ford sold 20,365 of these electric trucks, representing a remarkable 54% increase compared to the previous year.
Ford is expected to release its December and year-end U.S. sales report soon, providing more insight into the company’s overall performance. As the industry continues to evolve, Ford remains committed to delivering high-quality electric vehicles that meet the demands of consumers while achieving its financial objectives.
