The Ford F-150 Lightning electric pickup is getting another price hike | Daily News Byte

The Ford F-150 Lightning electric pickup is getting another price hike

 | Daily News Byte

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Ford workers build the electric F-150 Lightning pickup on December 13, 2022 at the automaker’s Ford Rouge Electric Vehicle Center (REVC).

Michael Wayland | CNBC

DETROIT – Ford Motor has again raised the starting price of its electric F-150 Lightning, citing higher raw material costs for the pickup truck.

The new price of the F-150 Lightning Pro, an entry-level model for commercial and business customers, will be $55,974 — up nearly 8%, or $4,000, from previous pricing and a 40% increase from the original price of $39,974 announced in May 2021.

A Ford spokeswoman said in an emailed statement Friday that the company is adjusting vehicle pricing “as a normal course of business due to rising material costs, market factors, and ongoing supply constraints chains.”

Ford initially made waves when it announced the starting price for the Lightning would be about $40,000, making it more affordable than many EVs on the market. Wall Street praised the car, and it was a huge boost for the company at the time.

But the costs of critical raw materials such as cobalt, nickel and lithium have risen sharply amid rising demand and supply chain problems.

The latest price hike – at least the third this year – comes as Ford tries to expand production of the electric pickup to 150,000 units next fall. The company earlier this week said it remains on track to do so, as it recently added a third shift of workers at a Michigan plant that makes the car.

“Demand for this exceptional vehicle is strong and continues to grow, we will continue to monitor pricing through the model year,” the spokesperson said in the emailed statement.

By the end of November, Ford had sold just 13,258 F-150 Lightnings.

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