Ford hiked the price of its electric F-150 Lightning by up to $8,500 due to ‘significant material cost increases’
Aspiring electric-truck owners, rejoice: Ford is gearing up to start accepting new orders for its smash-hit F-150 Lightning after pausing orders late last year.
But the 2023 model will cost up to $8,500 more across trim levels, Ford said on Tuesday.
The cheapest Lightning Pro truck, a basic work vehicle meant for contractors and the like, will now cost $46,974, up from just under $40,000 for the inaugural 2022 model. Ford chalked up the price hikes to “significant material cost increases and other factors.”
Here’s the new pricing for each 2023 Lightning trim:
XLT High: $68,474
XLT High Extended Range: $80,974
Lariat Extended Range: $85,974
Platinum Extended Range: $96,874
What’s notable here is that the starting price for a Lightning with the Extended Range battery, which increases driving range to 320 miles, has been bumped to $80,974 from $72,474, an $8,500 jump. However, Ford did make standard-range models more appealing for the 2023 model year, boosting the estimated range from 230 to 240 miles
Ford will honor original pricing for people who placed a Lightning order before the price hikes were announced. Order books for the 2023 model open on Thursday.
Automakers are contending with higher materials prices due to lingering disruptions in the global supply chain and the war in Ukraine. Certain raw materials needed to produce electric-vehicle batteries, like lithium, have skyrocketed in value amid unprecedented demand from automakers.
EV startups Rivian and Lucid Motors both announced price increases for their inaugural models earlier this year. Tesla has raised the prices for its cars to “embarrassing levels,” Elon Musk, the company’s CEO, has said.