Ford Raises Price on F-150 Lightning EV Pickup Truck for Third Time in 2022 | Daily News Byte

Ford Raises Price on F-150 Lightning EV Pickup Truck for Third Time in 2022

 | Daily News Byte

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Ford has raised the price on its popular Ford F-150 Lightning electric pickup truck, raising the base model pricing to $56,000, the third change this year.

Ford said the latest update was “a normal course of business due to rising material costs, market factors, and ongoing supply chain constraints,” CNBC reports(Opens in new window).

The base model, the F-150 Lightning Pro, is now 40% more expensive than when Ford officially began taking orders for it in January 2022. The vehicle went from $40,000 at launch to $47,000 in August and after was $52,000 in October(Opens in new window).

The base Pro model is now $55,974(Opens in new window). One step up is the XLT trim, which starts at $63,474. The Lariat and Platinum premium trims start at $74,474 and $96,874, respectively.

Ford Lightning

(Credit: Ford)

Building an EV vehicle is an expensive undertaking. Lithium and nickel prices fluctuate throughout the year, but are now rising above the average inflation rate of 7%. Nickel rose 42%(Opens in new window) from last year and lithium nearly 140%, in part due to the global increase in demand for EV batteries.

That shows up in EV sticker prices, but the F-150 Lightning’s price hikes don’t seem to be deterring customers. Sales increased throughout the year as more and more customers received their pre-orders and many reviews poured in, including a PCMag Editors’ Choice award.

Ford recently added a third shift at its Michigan plant in a bid to increase production capacity significantly next year, CNBC reports(Opens in new window).

At the same time, there were concerns about the vehicle’s inability to deliver on its promised towing power(Opens in new window) raised flags about whether battery-powered pickup trucks could be a full-fledged replacement for their gas-powered counterparts. If the price continues to rise, a cost-benefit analysis could make the difference between someone choosing to go electric or sticking with the tried and true, gas-powered Ford F-150 (America’s best-selling gas-powered truck ).

But for those looking for an EV pickup truck, the Ford F-150 Lightning is still the cheapest option compared to competitors like the Rivian and GMC’s upcoming Sierra EV Pickup Truck, both of which run more than $100,000.

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