Ford Slashes F-150 Lightning Prices, EV Sales Soar by 86% in Q1 2024

In a strategic move to boost competitiveness, Ford has announced a significant price reduction of up to $5,500 on the 2024 F-150 Lightning models.

This decision comes as the automaker reports an impressive 86% surge in electric vehicle (EV) sales in the first quarter of 2024, selling over 20,000 units and leading with its Mach-E and F-150 Lightning models. The company's EV lineup, including the new Mustang Mach-E, benefits from federal tax credits and features enhancements in range and technology.

Ford's Strategic Pricing Revs Up EV Sales, Mach-E and F-150 Lightning Lead Market Surge
Ford sold 20,233 electric vehicles in the first three months of 2024, up 86% from the previous year. The Mach-E led the charge, with sales increasing 77% yearly.

With 9,589 units sold in Q1, Ford's Mach-E was the second-best-selling electric SUV in the United States, trailing only Tesla's Model Y.

According to Electrek, Ford Pro, the company's commercial and software unit, continues to grow, with E-transit sales increasing 148% in Q1. The E-Transit was the best-selling electric van, with 2,891 sold. The F-150 Lightning remained the best-selling electric pickup in the United States, selling 7,743 units, surpassing Rivian's R1T (also on sale this month).

Ford's EV sales surge comes after the automaker reduced Mach-E prices by up to $8,100 in February. The automaker also offered significant incentives for the F-150 Lightning, including up to $12,500 in retail bonus cash.

Ford announced new F-150 Lightning prices for the 2024 model year in January. Most trims saw a $2,000 to $7,500 increase. The 2024 F-150 Lightning Pro begins at $54,995, up $5,500 from 2023.

The 2024 Ford Lightning's Platinum (—$7,000) and Platinum Black (—$5,000) trim levels were the only ones to receive price reductions from the previous model.

Ford Adjusts Strategy with Price Cuts on 2024 Lightning Models, Boosts Tech in New Trim

According to a new memo sent to dealers, Ford is reversing course and cutting prices on 2024 Lightning models. CarsDirect, an online auto research firm, discovered that the 2024 F-150 Lightning has received a $5,500 price reduction. The changes took effect on April 5, 2024.

The new Flash trim, introduced in 2024, received the most significant discount. Ford claims the Flash trim hits the "sweet spot" with up to 320 miles of range, a tech-heavy interior, and a heat pump. It also comes with Ford's Tow Tech Package and Power Tailgate. It now starts at under $70,000.

Ford's F-150 Lightning is also eligible for the $7,500 federal tax credit (for trim levels below $80,000).

Despite an increase in EV sales in the first quarter, Ford is reducing the workforce at its Rouge EV facility, where the F-150 Lightning is built, by one-third. The price cuts come as Ford unveils its new 2024 Mustang Mach-E, an electric crossover with increased range, faster charging, and faster acceleration.

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