Ford Significantly Reduces F-150 Lightning Prices: Up To $10,000 Less

The company explains the price drop by greater plant capacity and improving battery raw material costs.

Ford F-150 Lightning XLT at Beach

Mark Kane

By: Mark Kane

Jul 17, 2023 at 11:08am ET

Add InsideEVs as a preferred source in Google

Comment

Ford announced today a major price reduction of its all-electric Ford F-150 Lightning pickup in the United States. The price drop is as high as nearly $10,000 or 16.6 percent.

The company said that it is taking advantage of increased plant capacity (higher production scale allows for reducing costs per unit) combined with improving battery raw material costs.

Thanks to the recent price reductions, the MSRP is now closer to the initial level when the model was first announced.

Ford F-150 Lightning Pro

Ford F-150 Lightning

Ford's Rouge Electric Vehicle Center in Michigan is currently "temporarily closed to complete final plant upgrades," but once it returns online (soon, as we understand), it's expected to have a tripled annual production run rate (a target of 150,000 Ford F-150 Lightning beginning this fall).

As early as in October, the availability of built-to-order trucks is expected to significantly improve as well:

"The upgrades at the plant, combined with improving battery raw material costs and continued work on scaling production and cost, help make it possible to lower pricing across the F-150 Lightning line. Customers will now have greater availability of their built-to-order truck as early as October at an MSRP closer to initial Lightning pricing."

It probably means that we will have to wait a few more months until the Ford F-150 Lightning sales volume will substantially increase.

Updated 2023 Ford F-150 Lightning prices (July 17, 2023):

The prices were lowered by $6,079-$9,979 (6.2-16.6 percent) depending on the trim level. That's a very interesting outcome, which partially explains the recent reports about discounts applied by many dealers.

The highest price reduction concerns the entry-level Pro version, which now starts at an MSRP of $49,995 (down $9,979 or 16.6% from $59,974).

2023 Ford F-150 Lightning MSRP price changes, compared to the previous reports (here and here):

Pro SR 18-inch: $49,995 (down $9,979 or 16.6% from $59,974)
XLT SR 18-inch (311A): $54,995 (down $9,479 or 14.7% from $64,474)
XLT SR 20-inch (312A): $59,995 (down $8,479 or %12.4 from $68,474)
XLT ER 20-inch (312A ER): $69,995 (down $8,879 or 11.3% from $78,874)
Lariat SR 20-inch: $69,995 (down $6,979 or 9.1% from $76,974)
Lariat ER 20-inch: $77,495 (down $8,479 or 9.9% from $85,974)
Platinum ER 22-inch: $91,995 (down $6,079 or 6.2% from $98,074)

It's worth noting that at the same time, the destination and delivery fee increased by $100, to $1,995.

A much more important thing is that the Lariat ER version qualifies for the $7,500 federal tax credit, as its MSRP is lower than the $80,000 price cap for the incentive. It seems also that most versions (all besides the Platinum) are eligible for the incentive right now.

Model Base Price Dest. Charge Tax Credit Effective Price 2023 Ford F-150 Lightning Pro SR 18-inch $49,995 +$1,995 $7,500 $44,490 2023 Ford F-150 Lightning Pro ER (fleets) 18-inch 2023 Ford F-150 Lightning XLT SR 18-inch $54,995 +$1,995 $7,500 $49,490 2023 Ford F-150 Lightning XLT ER 20-inch $69,995 +$1,995 $7,500 $64,490 2023 Ford F-150 Lightning Lariat SR 20-inch $69,995 +$1,995 $7,500 $64,490 2023 Ford F-150 Lightning Lariat ER 20-inch $77,495 +$1,995 $7,500 $71,990 2023 Ford F-150 Lightning Platinum ER 22-inch $91,995 +$1,995 N/A $93,990

Ford does not stop there and offers also additional support to attract orders:

"With ordering now open for all customers, Ford is offering a $1,000 bonus for retail customers who build their own XLT, Lariat or Platinum truck through their dealer or via ford.com from July 6 to July 31 as part of the national summer sales event. In addition, Ford Credit is offering eligible buyers interest rates as low as 1.9 percent APR for 36-months."

What do you think?

View

Comments

Marin Gjaja, chief customer officer, Ford Model e said:

“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors drove up the cost of the EV truck for Ford and our customers. We’ve continued to work in the background to improve accessibility and affordability to help to lower prices for our customers and shorten the wait times for their new F-150 Lightning.”