Why is Ford Slashing F-150 Lightning Prices?

While the much-celebrated Ford-150 Lightning technically qualifies for the Federal Government’s full $7500 electric-vehicle tax credit, the reality is that few buyers of the pickup truck actually see any of that money. The problem is, though the Lightning meets the Fed’s nation-of-origin and domestic-content requirements for the credit, most Lightnings drift comfortably over the $80,000 Fed price cap.

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F-150 Lightning Prices

Fact: The Ford F-150 Lightning got expensive.

Ford has raised F-150 Lightning prices four times since the truck was introduced, mostly recently this past March. With each price bump, Ford representatives cite rising costs and supply-chain issues as the primary drivers for the sticker-price inflation.

Strong demand for the Lightning had given Ford the power to raise prices, though that demand seems to have finally softened. Amid a slowdown in orders for the Lightning, and a growing supply of unsold examples, Ford recently cut Lightning prices by as much as $10,000.

The price cuts, per Ford, are made possible by falling prices for lithium, a key component of the batteries that power the Lightning. Ford also cites improved manufacturing efficiencies realized as a result of better plant utilization for the cost reductions.

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The most-significant price reduction comes on the fleet-only Pro, which drops in price, including the destination charge, from $61,969 to $51,990. Note that this model was priced at just $39,974 when the Lightning was introduced in May of 2021.

The popular XLT with the extended-range battery drops from $80,869 to $71,990, moving it under the $80,000 Federal-incentive price cap.

The topline Lightning Platinum drops from $100,069 to $93,999. Platinum models come standard with the extended-range battery.

Here are a few factors which may be dampening consumer interest in the F-150 Lightning:

The long-awaited Tesla Cybertruck, which was first seen in 2019 in concept form, appears to be nearing production. It’s likely many would-be electric pickup-truck buyers are waiting to see the radically designed pickup before committing to the Ford.
In addition to the Cybertruck, electric pickup trucks from Chevrolet, GMC, and Ram are on the near- and midterm horizon. All three of the trucks promise competitive pricing and greater range than the Lightning. Again, some shoppers are likely taking a wait-and-see attitude on an EV pickup purchase.
And, as noted above, Lightnings fitted in the most-popular trim levels were pricing out above the Federal-incentive price cap. The $9000 price reduction on the XLT trim level equipped with the long-range battery results in a net consumer cost reduction of roughly $16,500 now that the tax credit is back in play. Expect demand for the XLT to improve significantly as a result of the price adjustment.

“There are a lot of factors at play with the price drop on the Ford F-150 Lightning,” notes Jill Ciminillo, Managing Editor of Pickup Truck + SUV Talk, “In addition to trying to drop below the Inflation Reduction Act price caps, Ford also has to contend with Tesla price cuts—which affect both new and used EV prices. You also have to look at the price of lithium, a major component used in building EV batteries, which has been steadily falling. So, increased manufacturing capacity at the Rouge Electric Vehicle Center, plus other cost cuts, are playing into this. The end result: overall better pricing for consumers.”

Note: Ford is offering consumers a $1000 rebate for ordering a new Lightning online before the end of July. This is the first customer incentive—other than the price cuts—offered on Ford’s electric pickup truck.

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