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- Ford is raising the starting price of its F-150 Lightning electric pickup to $55,000, per CNBC.
- It still leaves the base F-150 cheaper than the entry-level Cybertruck, which is coming in 2025.
- The Cybertruck's higher-than-expected price was slammed as "heartbreaking" by some Tesla fans.
Ford is hiking the starting price of its F-150 Lightning electric pickup – but it's still a cheaper option than Elon Musk's Cybertruck.
The automaker is raising the price of the entry-level "F-150 Lightning Pro" EV from $49,995 to $54,995, according to a CNBC report. Other of its more expensive models will also see price hikes, per Detroit Free Press.
It's a steep rise, though even with the price hike the F-150's starting price remains below that of its major rival, the Cybertruck.
The cheapest version of Elon Musk's futuristic truck will start at $60,990 when it launches sometime in 2025, with the $79,990 all-wheel drive version and $100,000 "Cyberbeast" available for delivery this year.
Ford has also lowered the price of the top-of-the-line versions of its Cybertruck rival, according to CNBC, with the cost of the most expensive "Platinum Black" model going from $97,995 to $92,995.
The F-150 is one of only 13 electric vehicles that currently qualify for the Inflation Reduction Act's $7,500 tax credit for new US-made EVs.
That's in contrast to the all-wheel drive version of the Cybertruck, which became ineligible for the tax credit when new rules on battery sourcing came into effect on Monday. Tesla says in a notice on its website that the Cybertruck is "likely to qualify" for the tax credit "later in 2024."
Ford sold a record number of F-150s in November, but has struggled with slowing demand for EVs and is cutting planned production of its flagship electric pickup next year.
The automaker has also paused some investment in EVs more broadly amid fears that consumers are being turned off by electric vehicle's high price points.
The F-150 Lightning meanwhile, is set to face serious competition with the arrival of the Cybertruck, which Elon Musk has portrayed as a direct rival.
Tesla's pickup launch provoked some backlash last year, however, as fans criticized its higher-than-expected price – describing it as "absolutely heartbreaking."
When Musk first unveiled the Cybertruck in 2019, he said it would start at $39,900, with the most expensive version coming in at $77,000 and having 500 miles of range.
Ford did not immediately respond to a request for comment from Business Insider, made outside normal working hours.