Is the Ford F-150 Lightning selling well?
The Ford F-150 Lightning, the all-electric version of the best-selling F-150 pickup truck, has been selling well since its launch in 2022, despite facing some supply chain constraints. The Lightning has been a hit with both commercial and retail customers, showcasing the growing demand for electric vehicles (EVs) in the truck segment.
Robust Sales and Waitlist
According to Ford's latest financial reports, the company has received over 200,000 reservations for the F-150 Lightning since its unveiling in 2021. This strong demand has led to a significant waitlist, with some customers facing delays of several months to receive their vehicles.
Ford has been working to ramp up production to meet the high demand, but has faced challenges due to supply chain issues and semiconductor chip shortages that have impacted the entire automotive industry. Despite these obstacles, the company has been able to deliver over 15,000 F-150 Lightnings to customers as of the end of 2022.p>
Appealing to a Wide Range of Buyers
The F-150 Lightning has been successful in attracting a diverse customer base, including both commercial and retail buyers. The truck's impressive performance, long range, and competitive pricing have made it an attractive option for businesses and individual consumers alike.
In addition to its strong sales, the F-150 Lightning has also received positive reviews from industry experts and customers, who have praised its capabilities, technology, and overall driving experience. This has further fueled the demand for the electric pickup, as more consumers become aware of its benefits.
Challenges and the Road Ahead
While the F-150 Lightning's sales have been impressive, Ford still faces some challenges in meeting the high demand. The company has had to prioritize certain orders, such as those from commercial fleets, to ensure a fair distribution of the limited supply.
Looking ahead, Ford is working to expand production capacity for the F-150 Lightning, with plans to increase annual output to 150,000 units by 2023. This should help the company reduce the waitlist and make the electric pickup more widely available to customers. As the EV market continues to grow, the F-150 Lightning is poised to play a significant role in Ford's electrification strategy and the broader adoption of electric trucks.
Do F-150 Lightning hold their value?
Yes, Ford Lightnings generally hold their value well, with the F-150 Lightning winning the 2024 Kelley Blue Book Best Resale Value Award for the electric truck segment. However, some reports show significant depreciation, particularly for newer models or specific trims, due to market fluctuations and high initial costs. While its resale value is strong for an EV, specific outcomes depend on factors like model year, condition, and market demand.
Factors supporting a good resale value
- Awards: The F-150 Lightning has received the Kelley Blue Book Best Resale Value Award for electric trucks for two consecutive years (2023 and 2024).
- Projected value: The projected five-year resale value is 43.1% of the original MSRP, which is higher than the average for 2024 models.
- Strong performance: The F-150 Lightning is a popular and highly acclaimed truck, known for its performance and reliability, which are key factors in maintaining resale value.
- Lower ownership costs: It has also won awards for having a low five-year cost to own, which includes factors like depreciation.
Factors that may lead to depreciation
- Market fluctuations: The used electric vehicle market has experienced significant depreciation for many models due to factors like high initial costs, declining sales, and evolving technology.
- Specific models: Some specific trims, like the Platinum model, have shown very high initial depreciation in certain situations.
- Dealer discounting: High discounts on new models can impact the resale value of both new and used vehicles.
- Used market depreciation: Some reports indicate that a 2022 F-150 Lightning depreciated by 34% in three years, and a 2023 model is in the 75-100% percentile for depreciation among 2023 pickups.
How to assess the value of a specific Lightning
- Check specific model year: The depreciation rates can vary significantly between different model years. A 2022 model will have different values than a 2023 or 2024 model.
- Use online appraisal tools: Tools from Kelley Blue Book, Edmunds, and CarEdge can give you a more accurate estimate based on specific details like mileage and condition.
Why is Ford done selling Lightning?
Ford Motor is reportedly considering permanently ending production of its all-electric F-150 Lightning pickup truck amid mounting losses and more challenging market conditions for EVs.
Is Ford cancelling the Lightning?
Ford is reportedly considering canceling the F-150 Lightning, but the decision is not final. Production was paused due to an aluminum supply shortage, and ongoing EV losses have led Ford to evaluate the future of the electric truck. While production is temporarily halted, there is no official announcement of cancellation yet.
- Production is paused: The F-150 Lightning assembly line at the Rouge Electric Vehicle Center is currently on hold, and Ford will not say when it will restart.
- Supply chain issues: A fire at a key aluminum supplier's plant caused a shortage, and Ford is prioritizing its more profitable gas and hybrid F-150s.
- Financial losses: Ford's electric vehicle division has been losing a significant amount of money, and the F-150 Lightning has been a major contributor to these losses.
- Uncertain future: The Wall Street Journal reports that Ford executives are in active discussions about ending the truck's production.
- Potential replacements: If production were to end, the F-150 Lightning might be replaced by a new vehicle built on the Universal Electric Vehicle (UEV) platform, according to MotorTrend.
Is Ford having trouble selling electric vehicles?
In October, Ford's overall U.S. EV sales fell 24% from the prior year. A 2023 study by the Texas Public Policy Foundation suggested that EVs would cost almost $50,000 more to own over ten years than internal combustion vehicles if not for subsidies, regulations, and other hidden costs.
