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It's shaping up to be the best time to buy a new Ford F-150 Lightning.
Because the new Ford F-150 Lightning is not selling as expected, Ford is now offering its U.S. dealers up to $1,500 for each 2024 F-150 Lightning they order from one of the automaker's new regional electric vehicle distribution centers, according to a report by Automotive News (by subscription).
A Ford memo obtained by Automotive News revealed the dealer incentive program, which runs October 15 to November 15 and is open to all retailers, and is meant to "further test the logistics and efficiencies of Rapid Replenishment Centers and to increase RRC engagement," the memo says. CarsDirect first reported Ford's dealer bonus program.
Mike DeYoung, senior director of Ford sales and merchandising, said in a statement that the automaker was "encouraging our dealers to test and experience the Rapid Replenishment Center process through an incentive program."
AN says Ford's distribution centers are spread throughout the U.S., allowing dealers to reduce floor-planning costs by stocking fewer EVs and giving customers quicker access to a bigger selection of inventory. Like General Motors' EV fulfillment centers, they were first detailed last year for dealers who were part of Ford's now-defunct EV certification program. However, the automaker continues to test their effectiveness.
Ford pays their dealers up to $22,500 to buy the F-150 Lightning.
The report says Ford will pay dealers $1,000 for the first nine XLT, Flash, Lariat, or Platinum Lightnings they take from an RRC. According to the leaked memo, they'll pay dealers $1,500 for taking 10 to 15 trucks, including an extra $500 for each of the first nine. The maximum bonus is $22,500 if Ford dealers buy 15 trucks.
DeYoung highlighted the efficiency of the process, stating that the centers currently deliver the F-150 Lightings to dealers within an average of seven days.
Even though U.S. sales of the F-150 Lightning are up 86 percent this year to 22,807 through September, Ford began the year by slashing planned production and cutting two-thirds of the workforce that builds the trucks in Dearborn, Michigan. Dealer bonuses are another way the automaker attempts to spur EV sales further.
What's in it for customers?
In September, Ford said it would provide a free Ford Charge Station Pro bidirectional home charger retailing for $1,310 to buyers and lessees of the F-150 Lightning, Mustang Mach-E, and E-Transit during the fourth quarter.
This charger, which allows for bi-directional energy flow, can be a significant addition to your home charging setup, enhancing the convenience and versatility of owning an electric vehicle.
Ford stops Lightning production.
Another Automotive News report says, "Ford plans to stop building its F-150 Lightning from mid-November through the end of the year amid lower-than-expected demand for the electric pickup."
This pause in production is a strategic move by Ford to align supply with demand and ensure the F-150 Lightning's long-term success in the market.
The report says the seven-week shutdown will begin at the end of the day on November 15 and include the traditional weeklong holiday break, with production resuming on January 6. Ford recently informed suppliers and plant officials of the plan, which a Ford spokesperson confirmed to Automotive News.
"We continue to adjust production for an optimal mix of sales growth and profitability," Ford said in a statement.
Ford CEO Jim Farley and Executive Chair Bill Ford said the importance of the F-150 Lightning EV pickup was likened to that of the Model T.
Farley recently said the "slow uptake of EVs" was a challenge but said he was pleased with the strength of Ford's overall electric vehicle strategy. This strategy, which includes the F-150 Lightning and other EV models, demonstrates Ford's dedication to the EV market and its confidence in the future of electric vehicles, "which I wouldn't trade for any of our competitors," he said.
CarEdge says that the Ford F-150 Lightning is one of the five most negotiable trucks right now.
"While the Ford F-150 Lightning has a market day supply of 73 days (below average), the 459 remaining 2023 models make this truck highly negotiable. With 10% of all new Lightnings being last year's models, there's room for big discounts with negotiation know-how."
CarEdge says electric trucks have rapid depreciation, especially now, so approach these deals cautiously. Ford is currently offering 1.9% APR for 36 months, or buyers can lease the XLT Standard Range for $371 per month with $6,930 due at signing.
Conclusion:
If you're looking for a new Ford F-150 Lightning EV pickup, shoppers can find a great deal now. With Ford's dealer incentives on Lightnings, the 2024 year-end sales season will be tremendous for new truck shoppers.
Check out my report on "The Ford F-150 Finally Ditched Its Most Annoying Title" here.
Have you recently purchased an F-150 Lightning? What kind of a price break did you get? If so, click the red Add New Comment link below and let us know.
I am Denis Flierl, a Senior Torque News Writer since 2012. I’ve invested over 13 years in the automotive industry in a consulting role, working with every major car brand. I am an experienced Rocky Mountain Automotive Press member. You'll find my expert Subaru analysis here. Follow me on my X SubaruReport, All Subaru, WRXSTI, @DenisFlierl, Facebook, and Instagram.
Photo credit: Denis Flierl via Raceway Ford
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