Ford Hikes Prices for 2024 F-150 Lightning

Ford has announced new pricing for its 2024 F-150 Lightning electric truck, revealing significant increases across multiple configurations.

The base model, known as the Pro, will start at $52,090, marking a $2,095 increase from its 2023 price. The XLT variant will cost $59,590, up by more than $2,500, while the Lariat model will see a substantial hike to $79,590, an increase of $9,595, points out Autoblog.

Pricing for the 2024 Platinum variant has not been disclosed yet, but the 2023 model started at $91,995. Additionally, Ford has introduced a new Flash trim, positioned between the XLT and Lariat, priced at $72,090.

Earlier this summer, Ford cut prices on the F-150 Lightning, and now they’re back up.

The price adjustments come at a time when some automakers, notably Tesla, are considering price cuts and incentives to boost demand. Ford itself has experienced fluctuating demand for the F-150 Lightning, leading the company to reduce a production shift in October, mere months after announcing plans to triple production.

The electric truck market is set to become more competitive, with Chevrolet and GMC nearing the launch of their Silverado and Sierra EVs, and Ram expected to release the 1500 REV later in 2024. Tesla is set to deliver its first Cybertruck at an event on November 30.

Changes to federal tax credit rules could also impact pricing and demand. The new rules will allow buyers to use year-end tax credits as down payments, potentially spiking demand early in the year. However, the top trims of expensive EVs like the F-150 Lightning are likely to remain unaffordable for most buyers.