Ford Motor Company has increased the starting price of its electric F-150 Lightning once more, citing higher pickup truck raw material costs.
The F-150 Lightning Pro, an entry-level model intended for commercial and business customers, will now cost $55,974—a 40% increase from the initial price of $39,974 announced in May 2021 and an increase of nearly 8%, or $4,000, from the previous price.
Key Highlights:
- Ford has increased the starting price of its electric F-150 Lightning yet again, citing higher pickup truck raw material costs.
- Since the vehicle’s launch, Ford has increased the F-150 Lightning electric pickup’s entry-level pricing by 40% with the new $4,000 increase.
In a statement sent via email on Friday, a Ford spokesperson stated that the company adjusts vehicle pricing “as a normal course of business due to rising material costs, market factors, and ongoing supply chain constraints.”
When Ford first announced that the Lightning would start at around $40,000, it caused a stir because this made it more affordable than many other EVs currently on the market. The vehicle was praised by Wall Street, which provided the company with a significant boost at the time.
However, rising demand and issues with the supply chain have significantly increased the prices of important raw materials like cobalt, nickel, and lithium.
Ford is attempting to increase production of the electric pickup to 150,000 units by the fall of next year, which will result in the most recent price increase—at least the third of this year. The organization recently said it stays on target to do as such, as it as of late added a third shift of laborers to a Michigan plant creating the vehicle.
In the emailed statement, the spokeswoman said, “Demand for this breakthrough vehicle is strong and continues to grow; we will continue to monitor pricing through the model year.”
Ford had only sold 13,258 F-150 Lightnings by the end of November.
The cost of a Ford F-150 Lightning is going up once more. The electric pickup’s starting price has been increased by $4,000 by the American automaker, to $55,974. That is an increase of 40% from the initial starting price of the electric vehicle in May 2021.
“As a normal course of business due to rising material costs, market factors, and ongoing supply chain constraints,” Ford stated today to CNBC. The demand for electric vehicles (EVs) has driven up the prices of the raw materials nickel, cobalt, and lithium, which are essential to batteries.
Ford has only sold 13,258 F-150 Lightnings as of the end of November; however, this number is indicative of supply limitations rather than low demand (the truck is still a hot commodity). The company stated earlier this week that it is still on track to achieve its goal of increasing production to 150,000 units by the fall of next year. In order to assist in achieving that objective, it recently increased the number of employees working the third shift in a manufacturing facility in Michigan.
The F-150 Lightning is the most popular electric truck, and Ford is the second-largest manufacturer of electric vehicles in the United States after Tesla. Given that Ford F-series trucks have been the most popular cars in the United States for three decades, it seems like this customer loyalty is spreading to electric vehicles.
