If you thought that the legacy automakers, like Ford (NYSE:F), were getting out of the electric vehicle market, well, that’s just not so. In fact, Ford announced that it was now taking orders for the 2024 F-150 Lightning, its electric pickup, and there would even be a pleasant surprise in terms of price tag. The news wasn’t much help with investors, though, as shares dipped fractionally in Tuesday afternoon’s trading.
The 2024 F-150 Lightning will come with, amazingly, a reduced price tag. However, the price will be reduced to just under $70,000, which is probably still a lot more than most people were looking to pay for their next car anyway.
For that price, drivers will be able to get in on a lot of new tech, including a charging speed display, hands-free highway driving for some models, and the Lane Change Assist system, which allows the truck to change lanes with a touch of the turn signal. Those concerned about charging options, meanwhile, will have not only the BlueOval Charge network, Ford’s own, but also access to the Tesla Supercharger system.
Discounts and Payoffs
Reports note that the F-150 Lightning will now cost as much as $5,500 less than it did before, which sounds great, but we still need to consider the objective price tag. Which is, again, much higher than many customers would like to have paid. That’s not the only place Ford is offering incentives to buy, though; it’s reportedly offering to pay dealers $15,000 for every Mustang GTD sold once sales actually start going live. With sticker prices expected to come in around $300,000, that roughly 5% discount may not mean much long-term, though.
Is Ford a Buy or Hold?
Turning to Wall Street, analysts have a Hold consensus rating on Ford stock based on five Buys, six Holds, and four Sells assigned in the past three months, as indicated by the graphic below. After a 2.86% rally in its share price over the past year, the average F price target of $13.63 per share implies 12.37% upside potential.
