Dealer memo leak reveals price cuts on 2024 Ford F-150 Lightning trucks

In response to a dealer memo unexpectedly leaked on Thursday, Ford has confirmed that the automaker is cutting the prices of most versions of its all-electric 2024 Ford F-150 Lightning.

The latest breakdown in pricing, according to Ford, is:

• Pro (240-mile EPA-estimated range) remains unchanged at $54,995.

• XLT 311 A (240-mile EPA-estimated range) from $64,995 to $62,995.

• Flash (320-mile EPA-estimated range) from $73,495 to $67,995.

• Lariat 511 A (320-mile EPA-estimated range) from $79,495 to $76,995.

• Platinum 710 A (300-mile EPA-estimated range) remains unchanged at $84,995.

This price adjustment comes prior to the launch of the 2024 Lightning available for order at Ford.com later this month, Ford spokesman Marty Gunsberg said Thursday evening. Pricing remains unchanged for the 2023 F-150 Lightning, which is available for customers now.

Prices released are suggested retail prices. Trucks priced below $80,000 qualify for a $7,500 tax credit, Gunsberg noted.

The Lightning remains the bestselling truck in the U.S. and prices will be adjusted, Gunsberg said, as Ford continues to adapt to the market "to achieve the optimal mix of sales growth and customer value."

He also confirmed to the Detroit Free Press on Thursday that Ford is offering current Tesla owners a $1,500 discount as part of a "Tesla Competitive Conquest Bonus Cash" program that may be applied to the purchase of a 2023 Ford F-150 Lightning or a 2023 Mustang Mach-E.

Prices continue to fluctuate

In January, Ford announced prices on model year 2024 pickups would increase anywhere from $2,000 to $10,000 from the year prior while premium trucks already saw price cuts of $5,000 to $10,000.

Below are the original Lightning cost change between 2023 and 2024 model years:

• Pro (240-mile EPA-estimated range) from $49,995 to $54,995.

• XLT 311 A (240-mile EPA-estimated range) from $54,995 to $64,995.

• XLT 312 A (320-mile EPA-estimated range) from $69,995 to eliminated in 2024.

• Flash (320-mile EPA-estimated range) is a new offering for $73,495.

• Lariat (240-mile EPA-estimated range) from $69,995 to eliminated in 2024.

• Lariat (320-mile EPA-estimated range) from $77,495 to $79,495.

• Platinum (300-mile EPA-estimated range) from $91,995 to $84,995.

• Platinum Black (300-mile EPA-estimated range) from $97,995 to $92,995.

Analyst: Buyers want more than lower prices

John McElroy, veteran industry analyst and host of "Autoline After Hours" webcast and podcast, told the Detroit Free Press on Thursday: "Look, the whole thing is that so many people say, 'Jeez, I'm interested in an EV but they're so expensive.' If you can get the right price, people will jump at it. They're obviously (at Ford) going at this with a scalpel."

Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions of Chester Springs, Pennsylvania, told the Detroit Free Press: "This is basic economics. The industry has too many electric vehicles chasing too few buyers, which just drives down the price. Luring buyers takes more than lowering the price. It takes confidence in the product, more charging stations and better education on the benefits of EVs."

Weak demand has contributed to challenges for longtime Wall Street darling Tesla, too.

Ford credited its hybrid and electric vehicle sales with a strong first quarter report earlier this month.

More: Loyal customer aggravated Ford wouldn’t adjust Lightning order, respond after price slash

More: Ford to dramatically cut hourly workforce at F-150 Lightning plant in Dearborn

Contact Phoebe Wall Howard: 313-618-1034 or phoward@freepress.com. Follow her on X @phoebesaid.

This article originally appeared on Detroit Free Press: Dealer memo leak reveals price cuts on 2024 Ford F-150 Lightning