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Ford Latest to Cut EV Prices, Dropping Lightning as Much as 7.5%

by | April 12, 2024

Ford is the latest automaker to cut the price of an electric vehicle, shaving as much as 7.5% off the F-150 Lightning pickup truck. The move comes as the automaker resumed deliveries of the pickup — and several others.

2022 Ford F-150 Lightning - muddy on trail

Ford became the latest automaker to cut prices on its EVs, reducing the price of some versions of the F-150 Lightning up to 7.5%.

The price of the Lightning has yo-yo’ed in recent months. In January, the company raised prices on the electric pickup as it cut production of the new vehicle. However, as there’s going to be a massive influx of not only F-150 Lightning pickups but gas-powered models as well as the new Ranger midsize pickup, the electric model needs to be more compeititive.

The biggest drop is $5,500 on the Flash extended-range model, which now starts at $67,995, the automaker said. Additionally the XLT is getting a $2,000 cut to $62,995 while the upscale Lariat extended range model saw a $2,500 drop to $76,995. The Pro model remains unchanged at $54,995.

So many price cuts

The Lightning cuts are just the latest in a long line of price cuts and or incentives used by automakers to help move EVs. In fact, it’s just the latest cuts by Ford, which responded to sluggish Mustang Mach-E sales with price cuts and zero-percent financing to draw in buyers. Ford’s efforts with the Mach-E worked as sales jumped immediately, tripling in the last month.

Mustang Mach-E - by Golden Gate Bridge

Slow sales of the Ford Mustang Mach-E heading into 2024 persuaded the automaker to cut prices — and sales tripled.

Other companies offered big cuts during the first quarter. Nascent EV maker Rivian cut $3,100 off the base models of its R1T pickup and R1S SUV. The original prices were $74,800 and $79,800 delivered, but the RiT dropped $71,700 with shipping, and the R1S in the same configuration starts at $76,700.

Nissan made cuts to the Ariya’s price to stay competitive against rivals. The price cuts came across the entire trim lineup with the base $40,980 Engage trim benefiting from a $3,600 reduction. The rest of the trim ladder also got pricing adjustments as well with the Venture+ and the Empower+ now starting at $42,580 and $45,580 respectively.

Even the dual motor equipped all-wheel drive models saw price reductions. The most prominent one is the range-topping Platinum+ e-4ORCE which now starts at $55,580 (a $6,000 decrease versus the 2023 model).

Rivian R1T driveway mustard

Rivian cut prices by as much as $3,100 in February on the R1T and R1S.

Really big cuts

Startup EV maker Fisker, desperate to stay in business, cut prices across its portfolio by as much as 39% a few weeks ago, which drove the price of one of its vehicles to just under $25,000.

The company lowered the sticker price on its 2023 Ocean Extreme model from $61,499 to $37,499 — a $24,000 cut. Additionally, the company’s 2023 Ultra trim drops from $52,999 to $34,999 and the Ocean Sport falls to $24,999 from $38,999. All of the vehicles involved in the massive price cuts are 2023 models with 2024 Ocean OS 2.0 installed, the company notes.

More EV Price Cut News

Then there is Tesla

After raising prices on the Model Y April 1 by $1,000, the EV sales leader came back four days later and made cuts across the board. Tesla is sitting a massive inventory of unsold vehicles — a new problem for the company.

Tesla Model Y - front 3-4 mountains

Tesla made price cuts across its product lineup just four days after raising the price of the Model Y by $1,000.

To move the more than 46,000 vehicles, CEO Elon Musk got out a machete and went to town.

Some versions of the Model Y rear-wheel drive can be had for as much as $7,520, according to Electrek. This is reportedly before the federal and state tax credits.

The long-range and performance Model Ys are discounted by at least $5,000. These discounts are before any federal or state tax c, redits are applied. The rear-wheel drive Model 3 is also down as much as $4,000. A dual motor, all-wheel Model S demo model has received a more than $8,200 discount.

Sales were down on a year-over-year basis for the first time in nearly four years.

The EV maker produced 433,371 vehicles and delivered 386,810 vehicles. The deliveries were down 8.5% compared to the same quarter last year. Analysts predicted delivery totals ranging from 449,080 to 454,200 vehicles.


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