Ford slashes F-150 Lightning prices in Canada and US [Update]

Ford has slashed prices for the F-150 Lightning in both Canada by as much as $15,000 in Canada and nearly $10,000 in the US. The drastic price cuts come after reports emerged last week the automaker is seeing waning demand for its lineup of electric vehicles (EVs).

In Canada the biggest price drop goes to the Lightning Pro variant, which now starts at $59,000, a $15,000 drop from the previous starting price of $74,000. From there the XLT Standard Range, XLT Extended Range, and Lariat 510A all have dropped by $10,000, while the Lariat 511A dropped by $9,000 The most expensive Lightning, the Platinum variant, got the smallest price drop of $6,000, now starting at $115,000. Here’s a breakdown of the new pricing.

UPDATE 9:33am PT: With the price drops, the Pro and XLT Std Range now qualify for the iZEV federal rebate of $5,000. Provincial eligibility should also apply, but those websites have not yet been updated.

Lightning Model Previous MSRP Updated MSRP Difference
Pro $74,000 $59,000 ($15,000)
XLT Std Range $79,000 $69,000 ($10,000)
XLT Ext Range $95,000 $85,000 ($10,000)
Lariat 510A $90,000 $80,000 ($10,000)
Lariat 511A $108,600 $99,600 ($9,000)
Platinum $121,000 $115,000 ($6,000)

The price cuts in the US are similar, where the Lightning is now priced between $49,995 and $91,995 — down from $59,974 to $98,074. The entry-level Pro variant got the biggest price drop, $9,979 to $49,995, while the Platinum Extended Range saw the smallest price drop, $6,079, to start at $91,995. Here’s a breakdown of US pricing.

Lightning Model Previous MSRP Updated MSRP Difference
Pro $59,974 $49,995 ($9,979)
XLT 311A $64,474 $54,995 ($9,479)
XLT 312A $68,474 $59,995 ($8,479)
XLT 312A Extended Range $78,874 $69,995 ($8,879)
Lariat 510A $76,974 $69,995 ($6,979)
Lariat Extended Range $85,974 $77,495 ($8,479)
Platinum Extended Range $98,074 $91,995 ($6,079)

According to Ford they were able to achieve these price cuts due to improvements in production and a reduction in battery raw material costs. As part of that ramp in production, Ford has temporarily shut down its Rouge Electric Vehicle Center in Michigan to complete upgrades at the plant which will increase F-150 annual production capacity to 150,000. Ford said the upgrades made to the plant will result in improved accessibility for customers to receive their custom-built trucks as early as October, and that the new pricing will more closely align with the original pricing.

“Shortly after launching the F-150 Lightning, rapidly rising material costs, supply constraints and other factors drove up the cost of the EV truck for Ford and our customers. We’ve continued to work in the background to improve accessibility and affordability,” said Marin Gjaja, chief customer officer, Ford Model e.

While Ford gave that explanation for the price cuts, they come less than a week after reports emerged that the Detroit-based automaker is seeing demand dropping for the Lightning, and the Mustang Mach-E. The “turn rate”, or how quickly a dealer sells a car after receiving it on their lot, for the Lightning dropped from 70% in Q2 2022 to just 39.3% in Q2 2023. Dealers are also reporting that only about 50% of Lightning reservation holders are following through on their orders.

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