Ford has started off 2024 with a bang, experiencing an 86% surge in EV sales in the first quarter. To keep up the momentum, the American automaker has decided to slash prices on its 2024 F-150 Lightning by up to ,500 in an effort to combat competition in the market.
In the first three months of 2024, Ford sold a total of 20,233 electric vehicles, with the Mach-E leading the pack with a 77% year-over-year increase in sales. The Mach-E was the second-best-selling electric SUV in the US, following Tesla’s Model Y. Ford Pro, the company’s commercial and software unit, also saw growth, with E-Transit sales up 148% in Q1.
Despite the fierce competition in the market, the F-150 Lightning maintained its position as the top-selling electric pickup in the US, outselling rivals such as Rivian’s R1T. Ford’s strategy of slashing prices on its EV lineup seems to be working, as it previously cut prices on the Mach-E and introduced incentives on the F-150 Lightning earlier this year.
The latest move involves new price cuts on 2024 Lightning models, with reductions of up to ,500 taking effect from April 5, 2024. The Flash trim, added in 2024, received the most significant discount, now starting under ,000. Additionally, the F-150 Lightning is eligible for a ,500 federal tax credit for trims starting under ,000.
Despite the positive sales performance in Q1, Ford is reducing its workforce at the Rouge EV facility by one-third, where the F-150 Lightning is manufactured. The company also unveiled its new 2024 Mustang Mach-E with improved features in terms of range, charging, and acceleration.
For those looking to take advantage of Ford’s lowered prices, there are deals available on Ford EVs at dealerships near you. The move to reduce prices on the F-150 Lightning is expected to continue driving sales and keeping Ford competitive in the rapidly growing EV market.
