Ford trims F-150 Lightning price by up to $5,500 in latest effort to boost EV demand

After starting 2024 off strong, with EV sales climbing 86% in the first quarter, Ford looks to boost momentum. Ford is trimming prices on the 2024 F-150 Lightning by up to $5,500 as the American automaker looks to fend off incoming competition.

Ford cuts 2024 F-150 Lightning price to fend off EV rivals

Ford sold 20,233 electric vehicles in the first three months of 2024, surging 86% from last year. The Mach-E led the charge, with sales climbing 77% year-over-year (YOY).

With 9,589 units sold in Q1, Ford’s Mach-E was the second-best-selling electric SUV in the US behind Tesla’s Model Y.

Ford Pro, the company’s commercial and software unit, continues expanding, with E-transit sales up 148% in Q1. The E-Transit was the top-selling electric van, with 2,891 units sold.

The F-150 Lightning remained the top-selling electric pickup in the US, with 7,743 units sold, topping Rivian’s R1T (which is also offering deals this month).

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

In January, Ford announced new F-150 Lightning prices for the 2024MY, with most trims getting price hikes between $2,000 and $7,500. The base 2024 F-150 Lightning Pro starts at $54,995, up $5,500 from 2023.

The only 2024 Ford Lightning models to receive price cuts from the previous model were the Platinum (-$7,000) and Platinum Black (-$5,000) trims.

According to a new memo sent to dealers, Ford is reversing with new price cuts on 2024 Lightning models.

Online auto research firm CarsDirect found that the 2024 F-150 Lightning has received a price reduction of up to $5,500. The changes went into effect on April 5, 2024.

The new Flash trim, added in 2024, received the biggest discount. Ford claims the Flash trim hits the “sweet spot” with up to 320 miles range, an interior loaded with tech and features, and a heat pump. It’s also equipped with Ford’s Tow Tech Package and Power Tailgate. It now starts under $70,000.

Ford’s F-150 Lightning is also eligible for the $7,500 federal tax credit (for trims starting under $80,000).

Despite EV sales growing in Q1, Ford is cutting the workforce at its Rouge EV facility by one-third, where the F-150 Lightning is built.

The lower prices come as Ford unveiled its new 2024 Mustang Mach-E. Ford’s new electric crossover features more range, faster charging, and quicker acceleration.

If you’re ready to take advantage of Ford’s new lower prices, we can help you get started today. You can use our links below to find deals on Ford EVs at a dealer near you.