Ford raises starting price of electric F-150 Lightning to $51,974
Ford F-150 Lightning pickup trucks are displayed at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.
Bill Pugliano | Getty Images
DETROIT — Ford Motor is raising the starting price of its F-150 Lightning electric pickup truck by $5,000 for the 2023 model year, citing rising costs and supply chain issues.
The new price of the 2023 Lightning Pro, an entry-level model aimed at business and professional customers, will be $51,974, an increase of nearly 11% over the previous price and a 30% increase over the original price of $39,974 in May 2021.
In an emailed statement, Ford said it was adjusting the price “due to continued supply chain constraints, rising material costs and other market factors. We will continue to monitor prices throughout the model year”.
Current retail order holders and commercial and government customers with an anticipated order will not be affected by the price increase, the company said.
Ford made waves when it announced the Lightning’s starting price would be around $40,000, making it more affordable than many electric vehicles on the market. Wall Street praised the vehicle and it was a major boost for the company at the time as investors focused on electric vehicle start-ups.
But the costs of critical raw materials such as cobalt, nickel and lithium have more than doubled during the coronavirus pandemic, according to a report from AlixPartners this summer.
Cost increases and other supply chain issues, which Ford said would result in $1 billion in windfall costs in the third quarter, have forced automakers to raise electric vehicle prices to hold on to profits .
Less than two months ago, Ford announced price increases between $6,000 and $8,500 on the Lightning, depending on the model.
Starting prices for the 2023 F-150 Lightning will now range from approximately $52,000 to $97,000, rising from approximately $40,000 to $92,000 for the 2022 model year. Prices exclude taxes and shipping fees. shipping and delivery.