Ford is increasing the starting prices of its electric F-150 Lightning pickup, the company announced.
Significant material cost increases, supply chain constraints, inflation and greater demand for batteries and other components forced the Detroit company to push prices between $6,000 and $8,500, depending on the model.
F-150 Lightning 2023 models will now range from about $47,000 to $97,000, up from roughly $40,000 to $92,000 for 2022 units.
“Current order holders awaiting delivery are not impacted by these price adjustments,” Marin Gjaja, chief customer officer, Model E, said 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.”
General Motors, Tesla and startups Rivian Automotive and Lucid have also raised substantially the price of their electric vehicles, after raw material has almost doubled during the Covid pandemic.
Ford is now second in EV sales in the U.S. only behind Tesla. Ford peaked at 10.9% EV market share in July.
According to analysts, Ford EV sales are strong for its EV models with the F-150 Lightning selling over 4,400 units. Next year, Ford looks to hit a run rate capacity of 600,000 units.