Ford F-150 Lightning electric pickup gets another price hike

Ford employees produce the F-150 Lightning electric pickup on Dec. 13, 2022 at the automaker’s Ford Rouge Electric Vehicle Center (REVC).

Michael Wayland | CNBC

DETROIT – Ford engine again raised the starting price of its electric F-150 Lightning, citing higher raw material costs for the pickup truck.

The new price of the F-150 Lightning Pro, an entry-level model aimed at commercial and professional customers, will be $55,974, up nearly 8%, or $4,000, from the previous price and a 40% increase from the original price of $39,974 announced in May 2021.

A Ford spokeswoman said in an emailed statement Friday that the company is adjusting vehicle prices “in the normal course of business due to rising material costs, market factors and continued the supply chain”.

Ford first made waves by announcing 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.

But the critical costs of raw materials such as cobalt, nickel and lithium have increased significantly amid growing demand and supply chain issues.

The latest price increase – at least the third this year – comes as Ford tries to expand production of the electric pickup to 150,000 units by next fall. Earlier this week, the company said it remains on track to do so, as it recently added a third shift of workers to a Michigan plant producing the vehicle.

“Demand for this game-changing vehicle is strong and continues to grow. We will continue to monitor pricing throughout the model year,” Ford said in an emailed statement Friday.

Through late November, Ford had sold only 13,258 F-150 Lightnings.

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