2024 Ford F-150 Lightning price cut by up to $5,500

Ford has flipped on some of the price increases on the 2024 Ford F-150 Lightning electric pickup truck announced at the beginning of the year. It’s given some F-150 Lightning models up to a $5,500 price cut now, according to a dealer bulletin first reported by CarsDirect.

The base Pro with the Standard Range 98-kwh battery pack remains unchanged from the price increase at the beginning of the year, costing $57,090, including a $2,095 destination fee. The price cuts start on the XLT trim, which now costs $2,000 less, to $65,090. 

The new Lightning Flash trim is the least expensive way to get the Extended Range 131-kwh battery pack, and it’s now more accessible with a $5,500 price cut to $70,090. 

The Lariat receives a $2,500 cut to $79,090, while the range topping Platinum remains the same at $87,090. 

Pricing for the 2024 Ford F-150 Lightning hasn’t yet been updated on Ford’s consumer website, but the price cuts are similar in magnitude to recent price cuts on Ford’s other electric vehicle, the Ford Mustang Mach-E.

While electric vehicle sales have cooled, they continue to grow, increasing by 3.3% in the first quarter of 2024. Total new car sales grew 5.1% in the same time, according to the Associated Press.

Vehicle supply in general has finally caught up to pre-pandemic levels, and in Ford’s case the Lightning faces new electric truck competition from the Tesla Cybertruck, Chevy Silverado EV, and updates to the Rivian R1T. 

Volatile pricing on electric vehicles has become the norm as automakers respond to market demand and supply adjustments. Price cuts of about $3,000 initially made for holdover 2023 Mustang Mach-E models have carried over to 2024, and Tesla made more price cuts this week to its Model Y, as the bestselling electric vehicle faces a wave of new competition.

Ford’s pricing on the F-150 Lightning has been as schizophrenic as Tesla’s, with the F-150 Lighting base price reaching a peak of nearly $62,000 in March 2023. Ford then subsequently lowered the price several times before raising them again at the start of 2024, to now cutting them once again. So if you like this price, it might or might not last long.