The F-150 Lightning, which Ford refers to as its "smartest, most innovative" truck yet, has become the best-selling electric pickup in the US following a record-breaking fourth quarter. The changes aim to achieve an optimal mix of sales growth, profitability, and customer access to the IRA tax benefit.

According to Ford spokesperson Martin Gunsberg, the base model of the 2024 Ford F-150 Lightning, the Pro trim with an EPA-estimated range of 240 miles, will now start at $54,995. This represents a $5,000 increase from the previous price. The XLT trim, also with a 240-mile range, will now be $10,000 higher than the 2023 model, starting at $64,995.

The 2024 Ford Lightning Lariat trim, boasting an impressive EPA-estimated range of 320 miles, will start at $79,495, marking a $2,000 increase from the previous year's model.

However, the Platinum and Platinum black models will see a reduction in their prices. The 2024 Ford Lightning Platinum will start at $84,995, which is $7,000 less than the 2023 model year. The black version of the Platinum trim will have a starting price of $92,995, $5,000 less than last year.

In addition to these adjustments, Ford has introduced a new "Flash" trim to the 2023 Lightning lineup. This model aims to hit the "sweet spot" with its 320-mile range, technology-loaded interior, heat pump, Ford's Tow Tech package, and Power Tailgate. However, the initial starting price for the 2024 Flash model has been set at $73,495, which is $3,500 more than originally expected.

It is worth noting that despite the growing demand, Ford has halved the production of the Lightning in 2024 due to falling demand, contrary to the repeated mention of "as demand continues to grow" in the article.

To encourage customers to make the switch to electric vehicles, Ford will continue to offer a $7,500 EV tax credit for all 2023 and 2024 Ford F-150 Lightning trims with an MSRP under $80,000. Meanwhile, incentives for the 2023 Mustang Mach-E have been updated to include $7,500 in Red Carpet Lease Cash, with the lease needing to be through Ford Credit to qualify for the deal.

As the electric vehicle market shows signs of rapid expansion worldwide, some critics suggest that the US "Big 3" automakers, including Ford, have been hesitant to fully commit to producing EVs and building factories and battery plants. This stands in contrast to the overwhelming enthusiasm exhibited by Korean and Chinese manufacturers, as well as Tesla and Rivian, who consistently set new shipment records every quarter.

With these latest adjustments to prices and trim packages, Ford aims to strike a balance between meeting the growing demand for electric pickups, ensuring profitability, and providing customers with easier access to the IRA tax benefit.