Ford Raises Prices of F-150 Lightning Electric Truck, Citing Rising Material Costs

Ford Motor on Tuesday turned the newest automaker to boost the value of electrical autos when it considerably elevated costs of its well-liked F-150 Lightning due to rising supplies prices.

The corporate started making the Lightning in April and had offered greater than 4,400 by means of the top of July. Ford has taken reservations for greater than 200,000, and the upper costs will go into impact for the 2023 mannequin 12 months.

Ford mentioned it was rising the beginning costs of the truck by $6,000 to $8,500 for newly ordered autos. After the rise, the truck will price from $46,974 for a base mannequin to $96,874 for a Platinum model with an extended-range battery pack.

The will increase don’t have an effect on clients who’ve already positioned orders and are ready for his or her vehicles. Reservations give clients a spot in line to position an order to purchase a truck. Ford stopped taking orders due to sturdy demand however mentioned it might resume doing so on Thursday, when the brand new costs go into impact.

“We’ve introduced pricing forward of reopening order banks so our reservation holders could make an knowledgeable determination round ordering a Lightning,” mentioned Marin Gjaja, chief buyer officer for Ford’s electrical automobile division, generally known as Mannequin e, in an announcement.

Different automakers have additionally been elevating costs of their electrical automobiles. Tesla has elevated the value of its Mannequin 3 and Mannequin Y by 1000’s of {dollars} in latest months, with the automobiles now beginning round $47,000 and $66,000.

All automotive costs, together with for typical gasoline fashions, have been rising due to a scarcity of laptop chips that has prevented producers from producing as many autos as customers wish to purchase. The worth of electrical autos has additionally been going up as a result of the provision of supplies wanted to make batteries has not saved up with fast-growing demand. The prices of uncooked supplies have additionally been affected by disruptions attributable to the coronavirus pandemic and Russia’s warfare in Ukraine. Ford executives mentioned in July that the corporate anticipated materials prices to rise about $4 billion this 12 months.

The local weather and well being care invoice generally known as the Inflation Discount Act working its approach by means of Congress might assist make electrical autos extra reasonably priced by providing patrons tax credit. However many present fashions just like the F-150 Lightning could not qualify as a result of the invoice requires {that a} sure proportion of a automotive’s battery be made in North America with supplies from allies. The share must enhance yearly for automobiles to proceed qualifying for the tax break.