The electric version of Ford’s bestselling vehicle is about to get more expensive—for some consumers.
The automaker is set to increase the price of the entry-level 2024 F-150 Lightning from $49,995 to $54,995, according to a report in the Detroit Free Press. The midrange 2024 model will see an even bigger increase, with the price jumping $10,000 to $64,995.
All 2023 models will remain at their current pricing levels.
The news isn’t all bad for potential buyers, however. Those who are considering the premium version of the truck will actually pay less for 2024 models. The F-150 Lightning Platinum will cost $84,995, compared with $91,995 today.
All of the new prices exclude delivery charges.
Some of those price increases will be slightly negated by tax credits. The F-150 Lightning retained the full $7,500 tax credit in the U.S. for 2024, a feat not all Tesla models can claim. (The Model 3, along with the the Volkswagen ID.4, the Nissan Leaf, the Ford Mustang Mach-E, and Chevrolet’s Blazer, Equinox, and Silverado no longer qualify for a full or partial tax credit starting this year.
And the F-150 Lightning Pro, the entry model, will still be cheaper than it was a year ago. Ford, last July, cut the price by about $10,000 to compete against Tesla and other automakers. The electric version of the truck is still substantially more expensive than its gasoline-fueled cousin. The traditional F-150 starts at $41,800.
Ford has struggled a bit in the electric vehicle space. In October, the company cut production of the F-150 Lightning after a drop in sales, removing an entire production shift of 700 workers. Growth of the electric vehicle category as a whole has been slowing, in part because of the price of the vehicles. Third-quarter industry volumes from last year were estimated to grow just 6% over the preceding three months.