Ford Reduces Prices of F-150 Lightning by $5,500Ford Motor Company (NYSE: NYSE:F ) has recently taken steps to increase demand for its electric vehicles (EVs) by reducing the prices of certain F-150 Lightning trims by up to $5,500. The latest round of price cuts applies to the F-150 Lightning's mid-level variants and came into effect on April 5, 2024. According to a report by CarsDirect, the starting prices of the Lightning Pro Standard Range and Lightning Platinum Extended Range variants remained unchanged at $54,995 and $84,995, respectively.
Meanwhile, the starting prices of the F-150 Lightning XLT Standard Range and Lariat Extended Range were reduced by $2,000 and $2,500, respectively. The starting price of the F-150 Lightning Flash Extended Range was substantially reduced by $5,500, bringing the new starting price of the F-150 Lightning Flash trim to $67,995, which is closer to its launch price of $69,995.
The F-150 Lightning Flash trim offers a target EPA range of 320 miles, a 15.5-inch touchscreen, a B&O sound system with HD radio and speakers, and a wireless charging pad, making it a value for money. Additionally, the F-150 Lightning, with a manufacturer's suggested retail price below $80,000, is eligible for the full $7,500 federal tax credit in the United States.
In the first quarter of 2024, Ford (NYSE: NYSE:F ) sold 20,233 EVs in the United States, marking an 86% year-over-year increase. Sales of Ford's Mach-E rose 77% year over year, making it the second-best-selling electric SUV in the United States. The F-150 Lightning remained the best-selling electric pickup in the United States, with sales of 7,743 units.
The sales of EVs gained momentum after the automaker reduced prices of the Mach-E by up to $8,100 in February. Additionally, it offered substantial incentives on the F-150 Lightning. In January, Ford announced the prices of the F-150 Lightning for the model year 2024, increasing the prices of most trims from $2,000 to $7,500. The starting price of the F-150 Lightning Pro rose from $5,500 to $54,995.
Despite the increase in EV sales in the first quarter of 2024, the automaker announced a reduction in its workforce by one-third at its Rouge EV Center, where the F-150 Lightning is manufactured. The recent round of price cuts followed the launch of Ford's new 2024 Mustang Mach-E, which boasts better range, rapid charging, and quicker acceleration.
Technical Outlook
Despite the reduction in prices of the F-150 Lightning, Ford Motors (NYSE: NYSE:F ) is still trading slightly beneath the 200-day Moving Average (MA) with the Relative Strength Index (RSI) at 45.48 indicating low buying momentum from the bulls.
