Against the backdrop of lower-than-expected demand for EVs and high demand for plug-in hybrids (PHEVs), Ford just announced price reductions for the majority of F-150 Lightning trim levels, taking several thousand off the starting MSRP.
As our twin site Ford Authority reported, the early-April MSRP cut comes as the Blue Oval trims its planned Ford F-150 Lightning production numbers and offers a number of incentives to boost sales of the all-electric pickup model.
Two trim levels of the 2024 F-150 Lightning, the entry-level Pro and the range-topping platinum, keep the same starting price, unchanged from January 2024. However, the three mid-level trims – including the XLT, Flash, and Lariat – have had their prices reduced by anywhere from $2,000 to $5,500 in April compared to their MSRP at the start of the year. These reductions came after a price surge for the 2024 model relative to 2023.
The following table shows both the prices for the various Lightning trims and how much they were reduced from January prices:
| 2024 F-150 Lightning April Prices | 2024 F-150 Lightning January Prices | +/- January Prices | |
|---|---|---|---|
| Pro | $56,990 | $56,990 | $0 |
| XLT | $64,990 | $66,990 | -$2,000 |
| Flash | $69,990 | $75,490 | -$5,500 |
| Lariat | $78,990 | $81,490 | -$2,500 |
| Platinum | $86,990 | $86,990 | $0 |
Comparing the starting prices for the 2024 Ford F-150 Lightning and its rival model from GM, the 2024 Chevy Silverado EV, shows that the lower trim levels of Lightning are cheaper than the current Bow Tie brand’s electric pickup. The Lightning Pro is almost $12,000 less expensive than the 2024 Silverado EV 3WT with the 1FL Fleet Package, while the XLT is about $4,000 more affordable.
The mid-range trim levels are arguably roughly on a par, but at the top end of the range, the Silverado EV RST First Edition costs approximately $9,500 more than the F-150 Lightning Platinum. These prices include both MSRP and destination freight charge, as this table shows:
Notably, the Chevy Silverado EV RST First Edition recently received an almost 10 percent price cut, with the general slashing about $10,600 off the truck’s cost. At the same time, the estimated range for the vehicle went up by 10 percent, rising from 400 miles to 440 miles on a single charge. The RST First Edition is the only trim get either a price decrease or a range increase at this point in time.
The news comes shortly after GM announced pricing for the Silverado EV 3WT-1FL fleet configuration, with prices lower than the standard 3WT and four features deleted.
As a reminder, the battery-electric 2024 Chevy Silverado EV uses the GM BT1 platform for structure. Production takes place at the GM Factory Zero plant in Michigan.
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