Ford is sharply reducing production plans for the electric version of America’s top-selling vehicle, the F-150 Lightning pickup truck, cutting output targets for 2024 by half. The move shows the auto industry may have overestimated demand for electric vehicles.
Falling Short of Expectations
When Ford unveiled the F-150 Lightning last year, expectations were high. As the electric version of the best-selling vehicle in America, Ford aimed to produce 80,000 Lightnings per year to meet anticipated demand. But with only 15,000 sold so far, Ford is scaling back those hopes.
Internal company memos show Ford now plans to make just 40,000 Lightning pickups in 2024, cutting targets in half. The move acknowledges slower consumer adoption of electric vehicles, even for a flagship product from an iconic American brand.
Factors Driving the Change
So what happened? According to experts, there are a few key factors behind the Lightning’s failure to attract buyers:
Price
- The Lightning had a starting price around $40,000, but once popular EV tax credits began phasing out, real-world pricing was closer to $50,000.
- For many truck owners, that was simply too high for an unproven EV alternative.
Charging Infrastructure
- Consumer surveys show a top barrier to EV adoption is lack of public charging stations.
- For truck owners who rely on their vehicles for work, limited charging access remains an obstacle.
Economic Uncertainty
- High inflation and recession fears have made all vehicles more expensive.
- Truck buyers seem hesitant on new EV options in this climate.
What Happens Next
While Ford will push ahead with Lightning production, the target cuts show EPA emissions rules and EV mandates may be ahead of market reality. And Ford isn’t alone – startups like Rivian and Lordstown have struggled as well.
Other automakers seem to be taking notice of slowing EV demand before making similar cuts. Bloomberg reports that after Ford’s decision, “the tone out of the rest of the industry seems to be one of jitteriness.” Toyota cited economic concerns in deciding not to build EVs at a new North Carolina plant.
The Lightning likely won’t be the last EV program slowed by companies reevaluating consumer willingness to go electric. And with government targets still demanding most vehicles sold be electric by 2030, debates over realistic adoption rates will continue.
For potential electric truck buyers, the coming years may bring new incentives to revive demand. But automakers scaling back EV production shows there are bumps in the road ahead.
To err is human, but AI does it too. Whilst factual data is used in the production of these articles, the content is written entirely by AI. Double check any facts you intend to rely on with another source.
