Ford raises — and lowers — prices on its F-150 Lightning pickups

Here’s what the new pricing looks like for each 2024 F-150 Lightning EV model (pricing for 2023 models remains unchanged):

Two existing trim levels — the XLT 312 A and the 240-mile range Lariat — have been eliminated from the 2024 lineup entirely. The updated pricing does not include delivery or destination fees, which can cost up to $2,095.

A Ford spokesperson told CNBC News that the pricing changes are intended to optimize “sales growth, profitability and customer access to the IRA tax benefit.” The two F-150 Platinum trucks — the only models to see a price reduction in these updates — are also the only vehicles in the lineup that don’t qualify for the $7,500 federal tax credit.

Ford’s EV business has so far been a money sink, losing the company $3.1 billion last year as of October 2023 despite a steady increase in F-150 Lightning sales. Plans to build a “mega campus” EV battery factory in Kentucky have been put on hold as the vehicle manufacturer adjusts its capacity to better suit the tepid demand.