Ford announced that it’s adjusting the price of some of its F-150 Lightning models, boosting some as much as $10,000 while slashing others up to $7,000.
The starting price of the Detroit automaker’s electric pickup will now range from $54,995 for an entry-level Pro model to $92,995 for a Platinum Black trim, according to CNBC.
The 2023 models previously went for between $49,995 and $97,995.
Despite the $10,000 bump on the F-150 Lightning Pro model, it still rings in below Tesla’s rival electric pickup, the 2023 Cybertruck, which starts at $60,990.
To nab Elon Musk’s futuristic truck with all-wheel drive, expect to dish out $79,999, while its top-tier “Cyberbeast” version goes for a hefty $100,000.
Meanwhile, the price of Ford’s top-of-the-line Platinum and Platinum Black F-150 Lightning EV models — which boast increased range and additional “infotainment” features — were lowered by $5,000 and $7,000, respectively, per CNBC.
The price changes exclude a mandatory $2,095 destination fee as well as any federal or local incentives for purchasing an all-electric vehicle, the outlet reported.
The F-150 Lightning is also one of just 13 electric vehicles that qualify for a $7,500 federal tax credit in accordance with the Inflation Reduction Act, which added new rules on battery sourcing that went into effect on Jan. 1.
The all-wheel drive version of the Cybertruck is ineligible for the tax credit because of the new rule, though Tesla notes on its website that it’s “likely to qualify” for the tax break “later in 2024.”
A spokesperson for Ford said the company 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.”
“Pricing remains unchanged for MY23 F-150 Lightning models,” the spokesperson added, noting that “the F-150 Lightning is America’s best-selling electric pickup after a record fourth quarter, and demand continues to grow.”
The automaker’s price adjustments come just a month after the company said it would slash the 2024 production of its electric F-150 Lightning in half.
Ford told suppliers in December that it planned to produce about 1,600 electric F-150 Lightning EV trucks per week starting in January 2024, roughly 50% less than the 3,200 it previously had planned, in order to meet consumers’ dwindling demand.
Thus, Ford has had to cancel or postpone some $12 billion in upcoming EV investments, according to CNBC.
The company had already spent about six weeks in early 2023 increasing production capacity of the F-150 Lightning at its Michigan plant, which was gearing up to produce as many as 150,000 of the all-electric trucks — three times more than its initial planned output, CNBC reported.
Ford is expected to report its December and year-end US sales on Thursday.
The company said earlier this year that it’s expecting its electric vehicle business unit to lose $3 billion in 2023, though it remains on track to achieve a pretax margin of 8% by late 2026.