DETROIT – Ford Motor is rising the value of some 2024 F-150 Lightning fashions, whereas reducing the prices of its most costly fashions.

The Detroit automaker confirmed Wednesday that new beginning costs for the pickup will vary from $54,995 for an entry-level Professional mannequin to $92,995 for a Platinum Black trim. The fashions beforehand began at between $49,995 and $97,995 for the 2023 model-year.

The costs of the Platinum and Platinum Black fashions, with extra applied sciences and luxurious facilities, have been lowered by $5,000 and $7,000, respectively.

The value changes come as EV corporations try to steadiness slower-than-expected shopper demand with income. Ford has modified pricing on the Lightning in addition to the all-electric Mustang Mach-E a number of instances primarily based on shopper demand and uncooked materials prices.

Ford final month confirmed it will minimize deliberate manufacturing of the F-150 Lightning roughly in half this 12 months, marking a serious reversal after the automaker considerably elevated plant capability for the electrical car in 2023.

“The F-150 Lightning is America’s best-selling electrical pickup after a report fourth quarter, and demand continues to develop,” a Ford spokesperson stated. “We’re making changes to pricing, manufacturing and trim packages to attain the optimum mixture of gross sales progress, profitability, and buyer entry to the IRA tax profit.”

The value modifications exclude a compulsory $2,095 vacation spot payment in addition to any federal or native incentives for buying an all-electric car.

The F-150 Lightning is one in all a restricted variety of automobiles that may keep a $7,500 federal tax credit score in accordance with extra stringent necessities for meeting and supplies for the automobiles and their batteries that took impact Jan. 1.

Gross sales of the F-150 Lightning have steadily elevated in 2023, notching a month-to-month report of roughly 4,400 offered in November. The corporate has solely offered 20,365 of the vehicles this 12 months by means of November, up 54% from a 12 months earlier.

Ford is anticipated to report its December and year-end U.S. gross sales Thursday.