Ford’s all-electric pickup experiment has officially closed its first chapter, and the numbers tell the story. The Blue Oval is moving past the battery-only Lightning and pivoting toward an extended-range version, while shoppers still have a window to grab deals on trucks sitting at dealers right now.
- Canceling the F-150 Lightning hit Ford with a $100 million charge in December 2025, part of a much larger EV writedown.
- The Lightning name isn’t dead. It returns later as an EREV with a big battery plus a gas range extender.
- Current owners get 10 years of parts and service support, and lease shoppers can still find aggressive deals.
What the Cancellation Actually Cost Ford
According to Ford’s Q1 2026 earnings report, canceling the F-150 Lightning cost the automaker $100 million in December 2025, though it’s unclear if that will be the only charge tied to this decision. That figure is just one slice of a far bigger retreat from battery-electric vehicles.
The $19.5 billion writedown is spread primarily through the fourth quarter and into 2027, broken down as $8.5 billion for canceled EV models, $6 billion for dissolving the battery joint venture with South Korea’s SK On, and $5 billion in program-related expenses. Ford also canceled the planned successor to the Lightning, known as the T3 truck, and shelved its electric van plans, moving toward a gas-hybrid strategy.
Why the retreat? The math stopped working. The Lightning was initially projected to sell up to 150,000 units per year, but Ford only sold 33,000 last year, and the truck remained expensive to produce with a 2026 MSRP starting at $54,780 for the Pro trim and climbing to $84,995 for the Platinum. After debuting for the 2022 model year, slow sales and bleeding profits sealed its fate as EV demand softened, and CEO Jim Farley has admitted he regrets the decision.
What’s Coming Next: The EREV Pivot
The Lightning badge isn’t gone, just reimagined. The model is set to return at some undetermined point in the future as an extended-range electric vehicle, or EREV, pairing a large battery pack with a gas-powered range extender. That setup keeps the electric driving experience for daily use while killing range anxiety on long hauls or towing days.
Ford isn’t backing away from electrification entirely either. The company plans to introduce an affordable EV lineup starting with a midsize truck priced around $30,000, set to launch in 2027. That truck will be produced at the Louisville plant, with batteries from facilities in Marshall, Michigan, and Kentucky.
Deals Are Still on the Table
If you’ve been eyeing a Lightning, the cancellation actually opened a small window of opportunity. Plenty of F-150 Lightning pickups are still available to purchase or lease, and shoppers can score special lease deals or regional programs that vary by area. Ford has confirmed these deals stick around while supplies last, or until existing lessees move into another vehicle.
The 2025 inventory is where the real value hides. The 2026 model lost access to the $7,500 federal EV tax credit on October 1, while the 2025 model remains eligible for big lease incentives. The outgoing XLT carries up to $11,500 in combined incentives, including $9,000 in lease cash and a $2,000 charging credit. The 2025 F-150 Lightning XLT has been listed for lease as low as $279 per month in California.
For 2026, Ford trimmed sticker prices to cushion the loss of the tax credit. The Flash benefits from a $4,000 price cut to $65,995, down from $69,995, and the Lariat dropped $2,000 from $76,995 to $74,995. A new base STX model replaced the XLT for 2026, starting at $63,345 with an EPA-estimated 290 miles of range from a 123 kWh extended-range battery.
What Current Owners Should Know
If you already drive a Lightning, breathe easy. Ford has stated it will maintain parts and service for 10 years and continue rolling out software updates, so existing owners won’t have to worry about driving something obsolete or hard to repair for quite a while. That commitment matters for resale value too, since buyers shopping a used Lightning will know support hasn’t evaporated.
Leaseholders have a clearer decision to make as their terms wind down. With Ford openly discounting both 2025 and 2026 trucks and the EREV version still years away, the smart play is comparing total cost of ownership against incoming hybrids and the upcoming $30,000 midsize EV truck.
Where Lightning Shoppers Stand Today
The first-generation F-150 Lightning is heading into its sunset, but the truck itself remains a capable option for buyers who want an electric pickup right now. Between strong lease incentives on 2025 stock and discounted 2026 trims, the deals are arguably better than they’ve ever been. Just go in knowing the next Lightning will look very different from the one parked at your local dealer.
