On the Dash:
- The F-150 Lightning has contributed to $13 billion in EV losses for Ford since 2023.
- October U.S. EV sales fell 24% year-over-year, with just 1,500 Lightnings sold compared to 66,000 gas-powered F-Series pickups.
- Ford plans to shift focus to smaller, more affordable EV pickups as demand for large electric trucks lags.
Ford is considering scrapping its electric F-150 Lightning pickup after the model fell far short of sales expectations, according to the Wall Street Journal. If finalized, this would make the Lightning America’s first major electric truck casualty, highlighting the financial risks of large, pricey EV pickups.
The F-150 Lightning, once promoted as a modern Model T in terms of its significance, has contributed to $13 billion in EV losses since 2023. Despite early excitement among EV enthusiasts and media attention, mainstream truck buyers have balked at the vehicle’s high price, starting near $50,000 and reaching $90,000 for top trims, and range limitations when towing or operating in cold conditions.
October marked the first month since the federal EV tax credit expired, and U.S. EV sales plunged 24% year-over-year. Ford dealers sold just 1,500 Lightnings, compared with 66,000 gas-powered F-Series pickups. Dealers report minimal demand for large electric trucks, prompting the company to pause production at its Dearborn facility and reassess its EV strategy.
Ford is not alone in confronting challenges with full-size electric pickups. Stellantis abandoned plans for its EV pickup earlier this year, General Motors has considered cutting some electric truck lines, and Rivian has reduced its workforce to conserve cash. Tesla’s Cybertruck has also experienced sluggish sales.
CEO Jim Farley has indicated that Americans favor smaller, more affordable EVs for commuting and local driving, while large trucks will likely continue using hybrid or gasoline powertrains. In response, the automaker is reportedly racing to develop a compact, $30,000 EV pickup.
Notably, Ford originally planned to build 150,000 Lightnings annually, but the current market outlook calls that goal into question.
As the electric truck market recalibrates, the F-150 Lightning could serve as a cautionary tale for automakers betting on high-priced, full-size EVs. Ford executives have not finalized a decision but are actively weighing their options.
