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Ford Motor Co. alerted its dealers Wednesday to price changes for its all-electric F-150 Lightning.
Prices on model year 2024 pickups have jumped $2,000 to $10,000 from 2023, the automaker said. Meanwhile, premium trucks are getting price cuts of $5,000 to $10,000.
"Demand for F-150 Lightning continues to grow," Ford spokesman Marty Gunsberg told the Detroit Free Press. "The EV segment remains dynamic and we'll continue to make adjustments."
Prices remain unchanged for model year 2023.
Ford sees the price hikes and price cuts as a compression of vehicle offerings so consumers can more easily move into different models, Gunsberg said.
The latest activity eliminates two trim levels. Ford CEO Jim Farley has said in recent months the company must build fewer versions of its vehicles to cut costs and improve quality.
Here's the F-150 Lightning cost breakdown from 2023 to 2024:
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Pro (240 mile EPA-estimated range) from $49,995 to $54,995
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XLT 311 A (240 mile EPA-estimated range) from $54,995 to $64,995
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XLT 312 A (320 mile EPA-estimated range) from $69,995 to eliminated in 2024
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Flash (320 mile EPA-estimated range) is a new offering for $73,495
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Lariat (240 mile EPA-estimated range) from $69,995 to eliminated in 2024
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Lariat (320 mile EPA-estimated range) from $77,495 to $79,495
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Platinum (300 mile EPA-estimated range) from $91,995 to $84,995
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Platinum Black (300 mile EPA-estimated range) from $97,995 to $92,995
The XLT and Flash trim models are expected to be the bestsellers, Gunsberg said. The Platinum trucks are the only ones that do not qualify for a $7,500 tax credit.
The manufacturer's suggested retail prices (MSRP) listed above do not include the destination and delivery fees, which range from $1,995 to $2,095.
More: Ford F-Series' sales dominance is ‘incredibly powerful American symbol’
More: 2024 Ford F-150 reveal: Reimagined tailgate design with refrigerator-style door
Ford has not revealed when the 2024 Lightning will arrive in dealerships. Only the 2023 model truck is currently available on Ford.com.
The automaker, which just touted F-Series dominance in truck sales for 2023, has touted a strategy that includes offering hybrid, gasoline-powered and electric vehicles. Interest in hybrid trucks is seeing an upswing even as EV sales grow steadily, Ford has said.
Dealer reaction to price change
Tim Hovik, former chairman of Ford’s National Dealer Council and current chair of the Ford Model e subcommittee for dealers, told the Free Press on Wednesday that price adjustments on new vehicles are a fact of life that has little to do with electrification.