Ford hiked the price of its electric F-150 Lightning by up to $8,500 due to 'significant material cost increases'

·2 min read
The 2022 Ford F-150 Lightning Lariat.
The 2022 Ford F-150 Lightning Lariat.Ford
  • Ford announced pricing for the 2023 F-150 Lightning.

  • The automaker raised prices for the electric truck by thousands.

  • It said the hikes were due to "significant" increases in the cost of materials.

Aspiring electric-truck owners, rejoice: Ford is gearing up to start accepting new orders for its smash-hit F-150 Lightning after pausing orders late last year.

But the 2023 model will cost up to $8,500 more across trim levels, Ford said on Tuesday.

The cheapest Lightning Pro truck, a basic work vehicle meant for contractors and the like, will now cost $46,974, up from just under $40,000 for the inaugural 2022 model. Ford chalked up the price hikes to "significant material cost increases and other factors."

Here's the new pricing for each 2023 Lightning trim:

  • Pro: $46,974

  • XLT: $59,474

  • XLT High: $68,474

  • XLT High Extended Range: $80,974

  • Lariat: $74,474

  • Lariat Extended Range: $85,974

  • Platinum Extended Range: $96,874

What's notable here is that the starting price for a Lightning with the Extended Range battery, which increases driving range to 320 miles, has been bumped to $80,974 from $72,474, an $8,500 jump. However, Ford did make standard-range models more appealing for the 2023 model year, boosting estimated range from 230 to 240 miles.

Ford will honor original pricing for people who placed a Lightning order before the price hikes were announced. Order books for the 2023 model open on Thursday.

Automakers are contending with higher materials prices due to lingering disruptions in the global supply chain and the war in Ukraine. Certain raw materials needed to produce electric-vehicle batteries, like lithium, have skyrocketed in value amid unprecedented demand from automakers.

EV startups Rivian and Lucid Motors both announced price increases for their inaugural models earlier this year. Tesla has raised the prices for its cars to "embarrassing levels," Elon Musk, the company's CEO, has said.

Read the original article on Business Insider