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Ford Motor Company (NYSE:F) is reportedly cutting prices on its 2024 F-150 Lightning electric truck again this year, by up to $5,500, to remain competitive in a crowded EV market.
Price Cuts and New Trims: According to CarsDirect, Ford informed dealerships about the price changes via a bulletin last week.
The most significant reduction is $5,500 for the Flash trim, introduced this year, with the Extended Range battery pack, bringing its price down to $67,995 (from $73,495).
2024 F-150 Lightning Price Changes
| Trim Level | Previous Price | New Price | Price Reduction |
|---|---|---|---|
| Pro (Standard Range) | $54,995 | $54,995 | – |
| XLT (Standard Range) | $64,995 | $62,995 | $2,000 |
| Flash (Extended Range) | $73,495 | $67,995 | $5,500 |
| Lariat (Extended Range) | $79,495 | $76,995 | $2,500 |
| Platinum (Extended Range) | $84,995 | $84,995 | – |
Why It Matters: These price adjustments make the F-150 Lightning a more attractive option for potential EV buyers, especially considering the increasingly competitive landscape and slowing market growth.
It’s also worth noting that the electric truck still qualifies for the full $7,500 federal tax credit, as its MSRP excluding destination falls under $80,000.
Strategic Moves? The price cuts are part of Ford’s broader strategy in the EV market. In December, the legacy automaker reduced production targets due to shifting market demands and just a month later, reduced prices for the F-150 Lightning.
Thanks to those adjustments, Ford saw an impressive 86% jump in U.S. electric vehicle sales during the first quarter of 2024.
Photo via Shutterstock
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