The price of the F-150 Lightning is dropping. Here’s why:
While the technically famous Ford-150 Lightning qualifies for the Federal Government’s $7,500 electric vehicle tax credit, the reality is that very few pickup truck buyers actually saw any any amount of that amount. The thing is, while Lightning meets the Fed’s country of origin and domestic content requirements for credit, most Lightnings drift comfortably above the Fed’s $80,000 price cap.
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Lightning Price F-150
Fact: The Ford F-150 Lightning gets expensive.
Ford has raised the price of the F-150 Lightning four times since the pickup was introduced, mostly this past March. With each price increase, Ford representatives cited rising costs and supply chain problems as the main drivers of sticker price inflation.
Strong demand for Lightning gave Ford the power to raise prices, though that demand seems to have finally subsided. Amid slowing orders for Lightning and a growing supply of unsold examples, Ford recently slashed the price of Lightning by as much as $10,000.
According to Ford, the price reduction was made possible by reducing the price of lithium, a key component of the battery that powers the Lightning. Ford also cites improved production efficiency through better use of the plant to reduce costs.
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The most significant discount comes to the fleet-only Pro, reducing the price, including destination fees, from $61,969 to $51,990. Note that this model costs just $39,974 when Lightning is introduced in May 2021.
The popular XLT with extended-range battery dropped from $80,869 to $71,990, bringing it below the Federal’s $80,000 offer.
The flagship Lightning Platinum is down from $100,069 to $93,999. Platinum models come standard with extended range batteries.
Here are a few factors that could reduce consumer interest in the F-150 Lightning:
- The long wait Tesla e-car, first seen in 2019 in concept form, appears to be about to go into production. It’s likely that many electric pickup buyers are waiting to see the pickup thoroughly engineered before committing to Ford.
- In addition to Cybertruck, electromagnetic pickup truck chevrolet, GMCAnd Beat in the short and medium term. All three trucks promise competitive pricing and greater range than the Lightning. Again, some shoppers may have a wait-and-see attitude when buying an EV pickup.
- And, as noted above, Lightnings equipped with the most common trim levels cost more than the Federally recommended ceiling. The $9000 price cut on the XLT trim level equipped with a long-range battery results in a net cost reduction for consumers of about $16,500 when the tax credit is reintroduced. Expect demand for XLT to improve significantly due to the price correction.
Jill Ciminillo, Managing Editor of Pickup Truck + SUV Talk, notes: “There are many factors that have led to the Ford F-150 Lightning drop in price, “Aside from trying to get the price below the Reduction Act limit, With inflation, Ford also faces a price cut from Tesla — which affects both new and used EV prices. You also have to consider that the price of lithium, a key component used to make EV batteries, is declining. So the increase in production capacity at the Rouge Tram Center, plus other cost cuts, is playing a big part in this. The end result: better prices overall for consumers.”
Note: Ford is offering consumers a $1000 discount when ordering the new Lightning online before the end of July. This is the first customer offer—besides the discount—to be offered on pickup trucks. Ford electric.
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F-150 . Lightning Gallery
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