Ford’s $13 Billion EV Losses Put the F-150 Lightning’s Future at Risk

A Future in Limbo

While the F-150 Lightning has been a steady (but not spectacular) seller for Ford, sales recently plummeted due to the $7,500 tax credit scheme for EVs coming to an end. If anything, the EV offerings of the Blue Oval saw a steep decline in October.

But it seems that the battery-powered pickup is at the biggest risk of getting axed. A report from The Wall Street Journal claims that Ford is pondering whether or not it should restart production following a fire in one of its aluminum suppliers.

Loss Leader

Despite prices ranging from $54,780 to $84,995, the F-150 Lightning isn’t generating profit for Ford. WSJ claims that the company has lost $13 billion due to EV sales since 2023. Demand has been low, and dealers aren’t snapping them up for the sake of not piling on inventory.

Conversely, Ford has ramped up production for its ICE-powered trucks. Recently, a third shift has been added to the regular F-150, as well as the Super Duty models. October’s sales figures back this up, with 66,000 ICE-powered pickups sold last month, but just 1,500 Lightnings saw new homes.

What’s Next?

Although Ford said that it will be restarted ‘at the right time,’ it doesn’t paint a great picture. The EV pickup market isn’t looking too healthy either. The Lightning’s main competitors are the Chevrolet Silverado EV and GMC Sierra EV, but both haven’t exactly lit up the sales charts. Motor Intelligence reports that GM as a whole shifted just 1,800 units of their battery-powered pickups.

It’s also worth noting that Stellantis pulled the plug on a fully-electric version of the Ram 1500, opting instead for a range extender version that uses the engine as a generator to charge the batteries. Rivian has slashed some jobs to save costs, while the Tesla Cybertruck sales have plummeted by around 50 percent year on year.

Granted, the F-150 Lightning is the best-selling EV pickup in the US right now, but it’s a slim market that’s been bleeding money for those who have been producing them. That said, Ford isn’t giving up on the electric pickup, though. While the Lightning’s future is in doubt, the company is in the process of rolling a $30,000 pickup down the line.