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DETROIT – Ford Motor is raising the price of some 2024 F-150 Lightning models, while reducing the prices of its most expensive models.
The Detroit automaker announced Wednesday that new starting prices for the pickup will range from $54,995 for an entry-level Pro model to $92,995 for a Platinum Black trim. Older models started between $49,995 and $97,995 for the 2023 model.
Prices for the Platinum and Platinum Black models, with luxury and higher-generation amenities, have been reduced by $5,000 and $7,000, respectively.
The price changes come as EV makers try to balance slower-than-expected customer demands with profits. Ford has replaced the values of the Lightning and the all-electric Mustang Mach-E based on customer demands and the cost of raw materials.
Ford last month confirmed it would cut planned production of the F-150 Lightning roughly in half this year, marking a major reversal after the automaker significantly increased plant capacity for the EV in 2023.
“The F-150 Lightning is the best-selling electric pickup truck in the U. S. “Ford is a major player in the U. S. after an unprecedented fourth quarter, and demand continues to grow,” a Ford spokesperson said. “We make changes to pricing, production and complete packages to achieve the optimal combination of sales growth, profitability and tax benefit for IRA visitors. “
The value adjustments exclude the mandatory destination payment of $2,095, as well as any federal or local incentives for the purchase of an all-electric vehicle.
The F-150 Lightning is among a limited number of cars that will receive $7,500 federal tax credits under the meeting and stricter requirements for cars and their batteries that went into effect Jan. 1.
Sales of the F-150 Lightning increased in 2023, achieving a monthly record of around 4,400 units sold in November. The company sold just 20,365 trucks this year through November, up 54% from the previous year.
Ford is expected to report December and year-end U. S. sales on Thursday. Don’t miss the ones from CNBC PRO:
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