Ford has raised the cost of 2023 models of its electric F-150 Lightning Pro truck by $5,000.
The company said it was due to supply chain constraints and rising material costs, per Reuters.
It's the second time Ford has increased the cost of the popular electric truck since August.
Ford is increasing the price of its all-electric F-150 Lightning Pro truck by $5,000, the second time in mere months that it has upped the price.
A Ford spokesperson told Insider: "Ford is adjusting the MSRP on the 2023 F-150 Lightning Pro due to ongoing supply chain constraints, rising material costs and other market factors."
The increase was first reported by Reuters.
2023 models of the Pro, the cheapest model in the electric range of its best-selling gas-powered pickup, will now cost $51,974, up 11% from $46,974, per Reuters.
In August, Ford raised the price for its entire F-150 Lightning range, including the Pro, by between $6,000 and $8,500 dependent on the model, due to rising supply chain costs, per Reuters.
When the model first launched in June it had a starting price of just under $40,000.
Customers with orders already scheduled will not be affected by the latest increase, per Reuters.
Ford declined to comment on whether prices could increase in the future, but said that the company continually monitors vehicle pricing.
EV manufacturers have been facing increased material costs as the price of lithium, cobalt, a nickel, all essential for car battery production, have surged as a result of supply chain snags.
In its half-year results in July, Ford said it was anticipating its commodity costs to increase by as much as $4 billion, which it warned would be offset through pricing improvements. In September, Ford halted deliveries on some vehicles due to a shortage of spare parts, including its iconic blue badge.
Analysts have also warned that economic concerns and rising interest rates could dampen the consumer demand for vehicles towards the end of the year.
The news comes shortly after Ford released its third quarter US sales.
It has sold 8,760 units of all models of the F-150 Lightning since it launched in June, and said it saw a 197% year-on-year increase in US sales of all its EVs in September this year.
The company aims to make two million electric cars by 2026, as it battles the likes of Tesla, GM, and Rivian for dominance in the still nascent market for EVs.
Read the original article on Business Insider