Ford Hikes Price of One Popular Electric Truck by $5,000, Dropping Others by Similar Rates — Is It Cheaper Than Tesla?
Ford Motor Co. announced price changes for its line of 2024 model Ford F-150 Lightning all-electric pick-up trucks. The entry-level model of the F-150 Lightning Pro will now start at $54,995, up from $49,995 for 2023 models. However, the U.S.-based auto manufacturer is cutting the price for the high-end F-150 Lightning with a Platinum Black trim package. That vehicle will now cost $92,995, down from $97,995.
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The Platinum model, similarly, received a price cut of $5,000.
CNBC reported the price adjustments are designed to “balance slower-than-expected consumer demand with profits. Ford is also reducing planned production of the F-150 Lightning by roughly half.
“We are making adjustments to pricing, production and trim packages to achieve the optimal mix of sales growth, profitability and customer access to the IRA tax benefit,” a Ford spokesperson told CNBC.
Changes to the F-150 Lighting Line
The entry-level model F-150 Lightning Pro qualifies for the full $7,500 tax credit under the Inflation Reduction Act, based on its list price and other criteria. The 2024 XLT 311 A — now $64,995 compared to $54,995 for the 2023 model — also qualifies, as does the Lariat, which increased in price from $77,495 up to $79,495, according to the Detroit Free Press.
However, the Platinum and Platinum Black models will not qualify, as their MSRP still exceeds the $80,000 limit set by the IRS. Ford also eliminated the XLT 312 A model and the lower-range Lariat for 2024. Ford CEO Jim Farley told Detroit Free Press that the company was focusing on building fewer models in an effort to reduce costs and improve quality.
Ford also added one new truck to the line for 2024. The mid-range Flash has an estimate range of 320 miles per charge and lists for $73,495, making it eligible for the tax credit.
The new pricing, as listed, does not include the mandatory $2,095 destination fee, taxes, or registration. It also does not reflect any federal or local tax credits or other incentives associated with purchasing an EV.
Ford F-150 Lightning vs. Tesla Cybertruck: Which Costs Less?
Tesla recently announced pricing for the long-awaited Cybertruck, which will be available in 2025. The starting price for the rear-wheel drive, single-motor entry level model is $61,240 before delivery, destination charges, taxes and incentives, according to Edmunds. This vehicle should also qualify for the full IRA tax credit.
The All-Wheel drive model and the Cyberbeast, retailing for $80,240 and $100,240, respectively, are available for delivery now.
Although the price for the entry-level model is higher than Tesla CEO Elon Musk promised in 2019, when the futuristic vehicle was unveiled for the first time, the base model is comparable to Ford’s 2024 XLT 311 A F-150 Lightning.
The higher-end Cybertruck models (available now) compare to Ford’s Platinum and Platinum Black trim packages, with the F-150 Platinum coming in higher than the AWD Cybertruck, and the high-end trim package more than $7,000 cheaper than the Cyberbeast.
How Much Will You Really Pay for These EVs?
Given that Ford EVs are sold through local dealers, who may still be open to haggling and may offer their own incentives to encourage sales, you might find a better deal on an F-150 Lightning compared to a Cybertruck.
Of course, how much you pay for any of these vehicles will also vary widely based on your financing costs. Tesla drivers have previously noted that they’ve received financing as low as 3.24%, albeit these rates were reported in 2022 and not for the Cybertruck.
Currently, Ford is not offering any incentives for financing an F-150 Lightning truck, and, in late 2023, CarEdge.com reported that the F-150 Lightning is excluded from promotional financing deals, although that may change as new vehicles roll onto lots. Currently, the Ford website is only showing 2023 F-150 Lightning models.
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This article originally appeared on GOBankingRates.com: Ford Hikes Price of One Popular Electric Truck by $5,000, Dropping Others by Similar Rates — Is It Cheaper Than Tesla?
