Ford has confirmed that it’s going to be raising prices for its base-model 2024 F-150 Lightning by roughly $5,000. This isn’t the first time Ford has toyed with the pricing for its electric pickup truck, but with its biggest competitor, the Tesla Cybertruck, still undergoing countless delays and still more expensive than the Lightning, Ford has a little wiggle room for some MSRP adjustments.
The base-model Ford F-150 Lightning will now start at $54,995, which represents a $5,000 increase over its previous $49,995 base-model price. Other versions of the F-150 Lightning will also be seeing price fluctuations (and some changes in trims), as reported by the Detroit Free Press:
- Pro (240 mile EPA-estimated range) from $49,995 to $54,995
- XLT 311 A (240 mile EPA-estimated range) from $54,995 to $64,995
- XLT 312 A (320 mile EPA-estimated range) from $69,995 to eliminated in 2024
- Flash (320 mile EPA-estimated range) is a new offering for $73,495
- Lariat (240 mile EPA-estimated range) from $69,995 to eliminated in 2024
- Lariat (320 mile EPA-estimated range) from $77,495 to $79,495
- Platinum (300 mile EPA-estimated range) from $91,995 to $84,995
- Platinum Black (300 mile EPA-estimated range) from $97,995 to $92,995
While lower-tier trims have seen a price increase, both of the top-end trims — Platinum and Platinum Black — will actually see lower starting prices in 2024.
Pricing for F-150 Lightning models from the 2023 model year will remain unchanged.
According to a Ford spokesperson and as reported by CNBC, the American automaker is “making adjustments to pricing, production and trim packages to achieve the optimal mix of sales growth, profitability and customer access to the IRA tax benefit.” The F-150 Lightning is currently one of only 13 other vehicles that can qualify for the full $7,500 tax benefit.
Crucially, the Tesla Cybertruck is currently not one of those qualifying vehicles, and with so few electric pickups on the market, it’s also the F-150 Lightning’s biggest competition. But there are a handful of mitigating factors that continue to make the Cybertruck a less compelling buy.
First and foremost, the polygon-shaped truck has barely been delivered to customers, and its entry-level model is currently projected for a 2025 launch — but as we’ve seen, Tesla can be generous with its timeline projections. Further, Tesla lost the interest of some potential buyers when the base-model Cybertruck leaped in price. When the truck was announced back in 2019, Elon Musk promised his F-150 Lightning rival would start at $39,900, with the most expensive version coming in at $77,000.
Those cheap prices didn’t happen. The base-model Cybertruck is instead projected to start at $60,990; if you want a truck that (might) be delivered this year, your only two options are the all-wheel drive version and the so-called Cyberbeast, which clock in at $79,990 and $100,000, respectively. And none of those models will qualify for a tax rebate.
