UAW Says Ford F-150 Lightning EV Sales ‘Tanking’: We Know Why
Ford’s EV sales are up by almost 15% this year, but that number masks what’s going on with the F-150 Lightning EV. Its numbers are down in 2023 Q3 by an incredible 45%. This revelation ties into Ford’s decision to cut one shift at the Lightning assembly line for what it calls “supply-chain disruptions and quality checks.” Could the reason be F-150 Lightning prices?
In a memo that the UAW released concerning the layoffs, it says that Lightning sales “have tanked.” Ford already had a six-week-long closure at the plant this summer. So, despite being down for those six weeks, sales are not enough to take up inventory from before summer.
Is the EV downturn only affecting the F-150 Lightning?
EV sales are also tanking in Germany for a different reason than the Lightning’s. But there is a correlation. The EV situation in Germany is because EV subsidies are sunsetting. In other words, the price sweet spot buyers found favorable is gone, so less can afford them.
And that is the issue with the F-150 Lightning. It’s too expensive. Even Tesla sees it, which is why it is slashing prices for new Model Y and Model 3 EV sedans. When the price is right, they move. When it’s not, sales trickle off.
Do Audi e-Tron EV discounts really add up to $50,000 off?
Car purchases are always a balancing act over options and other variables but always hinge on price and payments. Even Audi is getting the message. Today, it is offering up to $50,000 off the lease price of its e-Tron EV when customers combine certain discounts. Some of the deep discounts also apply to purchasing a new e-Tron.
The discounts include a manufacturer’s $7,500 lease credit, $20,000 customer cash for the RS GT, and, believe it or not, an additional $5,000 off for Costco customers. That Costco discount applies to both leases and purchases. There are also lesser discounts for certain models, too.
How much is Tesla discounting its EVs?
If you’re a loyal Audi owner, there are additional discounts of up to 14% off, depending on certain criteria. The point is that the e-Tron RS GT is an almost $150,000 EV sedan, and Audi buyers have sent a signal they are resistant to plunging that much into the EV.
According to Kelley Blue Book (KBB), the average price of a new EV has gone down 14% from this time last year. Most of that is attributable to Tesla’s price slashing, but not all of it. In all, Tesla prices are down almost 25% from this time last year.
Tesla is lucky that it’s been able to amortize costs over a decade in some cases for models like the Model S. But overall, KBB says incentives are lowering prices by around 10% for most new EVs. And there is one more thing that is cutting into EV prices.
How do gas F-150 prices compare to the Lightning?
As we move into 2024, there will be many more EV choices, as there is now compared to 2022. So, more variety is just around the corner, giving a shop-worn look to EVs that are even two years old.
Circling back to the F-150 Lightning, the 2023 base model price was over $10,000 more than the 2022 Pro model. And a 2023 Platinum Extended Range is almost $95,000. The standard Limited F-150, the most expensive gasoline F-150, is $10,000 less. Truck buyers don’t want a penalty of $10,000 for choosing an electric F-150 over an F-150 gasser. Even the Raptor prices start at $77,000.