Ford reverses course, cuts F-150 Lightning prices by up to $5,500

Ford is cutting prices on some 2024 F-150 Lightning electric pickup trucks by up to $5,500, CarsDirect reports, citing a bulletin sent by Ford to dealerships.

Effective April 5, the XLT Standard Range grade gets a $2,000 price cut, bringing its base price down to $65,090 with the mandatory $2,095 destination charge. The Lariat Extended Range gets a $2,500 price cut, to $79,090 with destination.

The Flash Extended Range— a new-for-2024 model positioned between the XLT and Lariat—gets the biggest price cut of $5,500, meaning it now starts at $70,090 with destination. Prices for the base Pro Standard Range and range-topping Platinum Extended Range are unchanged at $57,090 and $87,090, respectively, again with destination included. Models with an MSRP below $80,000 also qualify for the full $7,500 federal EV tax credit, CarsDirect notes.

This seems like a reversal of sort for Ford, which has resisted lowering Lightning prices across the lineup despite fluctuating demand. In January, the automaker cut prices on top-trim versions, but added thousands to the MSRPs of the rest of the lineup.

In December, when it was clear that prices were slowing Lightning demand, Ford opted to slow production rather than lower the price of the truck. That was one of the early signals that Ford wasn’t aiming to ramp up EV production as urgently as it had previously indicated.

However it’s apparent that the lower prices Ford set for remaining 2023 stock of the Mustang Mach-E have put some spark in the sales of that model. Ford on Tuesday confirmed that it’s holding 2024 Mustang Mach-E pricing near those price points. Maybe such a price adjustment for Lightning will do the same.