Ford increases the price of the electric F-150 Lightning

Ford F-150 Lightning Trucks manufactured at the Rouge Electric Vehicle Center in Dearborn, Michigan.

Courtesy: Ford Motor Co.

DETROIT — Ford Motor said Tuesday it is increasing the entry prices of its F-150 Lightning electric pickup truck due to “significant material cost increases and other factors.”

The Detroit-based automaker said the price increases — ranging from $6,000 to $8,500 depending on the model — will have no impact on customers who have ordered a vehicle and are awaiting delivery.

Starting prices for the 2023 F-150 Lightning are now between approximately $47,000-$97,000, up from approximately $40,000-$92,000 for the 2022 model year. Prices exclude tax and shipping/handling charges.

Ford is the latest automaker to hike prices on its latest electric vehicle amid rising inflation and commodity costs. General Motors previously increased the price of its Hummer EV pickup truck by $6,250, while EV startups Rivian Automotive and Lucid increased the cost of their vehicles significantly more. Tesla also increased the prices for its vehicles this year.

According to a recent report by consulting and research firm AlixPartners, the cost of raw materials for electric vehicles has more than doubled during the coronavirus pandemic.

Ford’s price hikes precede the automaker’s reopening Thursday for the F-150 Lightning. The company announced late last year that it had completed orders for the vehicle after receiving more than 200,000 non-binding reservations for the truck.

It’s unclear how long customers will have to wait for a new truck after placing an order. Ford has sold just about 4,400 vehicles since deliveries began in May. A company spokeswoman confirmed that Ford expects to ramp up annual production of the electric F-150 to up to 150,000 vehicles by the end of next year, but declined to speculate on customer wait times.

Starting this fall, Ford also said Tuesday that electric range for F-150 Lightning models with a standard battery is expected to increase by 10 miles to 240 miles. Trucks with a larger battery have a range of up to 320 miles.

https://www.cnbc.com/2022/08/09/ford-increasing-price-of-electric-f-150-lightning-.html Ford increases the price of the electric F-150 Lightning

Joshua Buckhalter

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