Ford is raising the price of its entry-level F-150 Lightning by $5,000

Ford's F-150 Lightning electric pickup was one of the few models to retain the full $7,500 US tax credit for 2024, but a lot of that advantage is about to be negated. The price of 2024 models is set to rise from $49,995 to $54,995 (excluding delivery charges and incentives), while the next model up, the XLT, is going up massively by $10,000 to $64,995, according to a report from The Detroit Free Press seen by The Verge. The 2023 models will retain the same pricing.

Buyers eyeing premium versions of the F-150 Lightning are in luck, however. The Platinum model with a 300 mile EPA estimated range is dropping from $91,995 to $84,995, while the price for the Platinum Black (pictured above) is falling $5,000 to $92,995. A complete list of the changes is pictured below (excludes destination charge):

• Pro (240 mile EPA-estimated range): $5,000 increase from $49,995 to $54,995

• XLT 311 A (240 mile EPA-estimated range): $10,000 increase from $54,995 to $64,995

• Flash (320 mile EPA-estimated range): New "tech-forward" model with 300 miles of range for $73,495

• Lariat (320 mile EPA-estimated range): $2,000 increase from $77,495 to $79,495

• Platinum (300 mile EPA-estimated range): $7,000 price reduction from $91,995 to $84,995

• Platinum Black (300 mile EPA-estimated range): $5,000 price reduction from $97,995 to $92,995

Ford added a new model call the F-150 Lightning Flash to the lineup (above), which includes "in-demand tech capabilities" like an extended-range battery with 320-miles of EPA-estimated range, BlueCruise hands-free highway driving and a standard 15.5-inch touchscreen." However, the automaker completely dropped two models from the lineup, namely the 240-mile range Lariat and 320-mile range XLT 312. The 2024 models aren't yet available on Ford's website.

Ford CEO Jim Farley recently said that the company must cut down on the number of Lightning models to improve quality. At the same time, the changes are designed to improve "sales growth, profitability and customer access to the IRA tax benefits," a spokesperson told CNBC News. "The F-150 Lightning is America’s best-selling electric pickup after a record fourth quarter, and demand continues to grow."

While Tesla sold a record number of EVs in 2023, sales of Ford's electric offerings have been relatively weak, representing a $3.1 billion loss for the company last year. Ford was one of the few automakers that managed to retain the full $7,500 tax credit for the F-150 Lightning, though, along with Tesla (across most of its range) and Chevrolet's Bolt EUV and EV.