Ford has raised the starting price of the electric F-150 Lightning pickup to $51,974 | Daily News Byte

DETROIT — Ford Motor is raising the starting price of its electric F-150 Lightning pickup by $5,000 for the 2023 model year, citing rising costs and supply chain issues.

The new price of the 2023 Lightning Pro, an entry-level model for commercial and business customers, will be $51,974 — up nearly 11% from previous pricing and a 30% increase from the original $39,974 price in May 2021.

In an emailed statement, Ford said it is adjusting the price “due to ongoing supply chain constraints, rising material costs and other market factors. We will continue to monitor pricing throughout the model year. “

Existing retail order holders and commercial and government customers with scheduled orders will not be affected by the price hike, the company said.

Ford made waves when it announced the starting price for the Lightning is about $40,000, making it more affordable than many EVs on the market. Wall Street praised the vehicle, and it was a big boost for the company at the time, as investors focused on EV start-ups.

But the costs of critical raw materials like cobalt, nickel and lithium have more than doubled during the coronavirus pandemic, according to a report from AlixPartners this summer.

Cost increases and other supply chain problems, which Ford estimates will result in $1 billion in unexpected costs in the third quarter, have forced automakers to raise EV prices to maintain profits.

Less than two months ago, Ford announced price increases of between $6,000 and $8,500 on the Lightning, depending on the model.

Starting prices for the 2023 F-150 Lightning range from about $52,000 to $97,000, from about $40,000 to $92,000 for the 2022 model year. Prices do not include taxes and shipping and handling costs.