Ford F-150 Lightning EV price adjustments

The Ford F-150 Lightning electric truck.

Juan Tlumacki | Boston Globe | fake images

DETROIT— Ford engine is raising the price of some 2024 F-150 Lightning models, while lowering costs on its most expensive models.

The Detroit automaker confirmed Wednesday that new starting prices for the truck will range from $54,995 for a base Pro model to $92,995 for a Platinum Black trim. Models previously had a starting price of between $49,995 and $97,995 for the 2023 model.

Prices for the Platinum and Platinum Black models, with additional technologies and luxury amenities, were reduced by $5,000 and $7,000, respectively.

The price adjustments come as electric vehicle companies try to balance slower-than-expected consumer demand with profits. Ford has changed prices for the Lightning and all-electric Mustang Mach-E several times based on consumer demand and raw material costs.

Ford confirmed last month that it would cut planned production of the F-150 Lightning by about half this year, marking a major shift after the automaker significantly increased plant capacity for the electric vehicle in 2023.

“The F-150 Lightning is the best-selling electric truck in America after a record fourth quarter and demand continues to grow,” a Ford spokesperson said. “We are making adjustments to pricing, production and equipment packages to achieve the optimal combination of sales growth, profitability and customer access to the IRA tax benefit.”

The price changes exclude a mandatory $2,095 destination fee as well as any federal or local incentives for the purchase of an all-electric vehicle.

The F-150 Lightning is one of a limited number of vehicles that will maintain a $7,500 federal tax credit under stricter requirements for assembly and materials for the vehicles and their batteries that took effect Jan. 1.

Sales of the F-150 Lightning have increased steadily in 2023, reaching a monthly record of approximately 4,400 units sold in November. The company only sold 20,365 trucks this year through November, up 54% from the previous year.

Ford is expected to report its December and year-end U.S. sales on Thursday.

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