Ford (F) today opened the order banks for the next wave of F-150 Lightning reservation holders today, though those fans of the electric pickup may be in for a bit of sticker shock.
Citing “significant material cost increases and other factors,” Ford increased the prices of the F-150 Lighting across the various trim levels on offer.
For instance, the base model, known as the Lightning Pro, which once started at $39,974 has now seen its price rise $7,000 to $46,974. The XLT High Extended Range and Lariat Extended Range trims saw the highest price hikes of $8,500, with each now costing $80,974 and $85,974 respectively. The Platinum Extended range saw the smallest price hike of $6,000, though it now retails for $96,874.
Here is the updated pricing for all trims of the F-150 Lightning:
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
“Current order holders awaiting delivery are not impacted by these price adjustments,” said Marin Gjaja, Ford Model e chief customer officer in a statement. “We’ve announced pricing ahead of re-opening order banks so our reservation holders can make an informed decision around ordering a Lightning.”
What this means is all reservation holders are now subject to the new prices going into effect today. Ford said reservation holders who previously received an invitation to order but decided to extend their reservation because the trim they wanted wasn’t unavailable, will “receive a private offer for use in upcoming waves.” What that means is unclear, though it sounds like Ford may ease pricing for some of those reservation holders.
It’s not all bad news for Ford Lightning buyers, however, as Ford said starting in the fall those models with the standard range battery will see the EPA-estimated range climb 10 miles to 240 miles. The extended range battery will stay the same at 300 miles.
With regards to hiking prices, Ford isn’t alone in the industry. Ford’s competitors like Tesla (TSLA) and Rivian (RIVN) have both raised prices for their electric offerings as costs for battery materials and other critical components like wiring harnesses have skyrocketed as a result of COVID-related supply constraints, and the war in Ukraine.
Whether Ford customers will be in an uproar over the price hikes like Rivian reservation holders remains to be seen. Ford stock is slipping lower today in midday trade, underperforming the broader market.