Ford Raises Prices of F-150 Lightning Electric Truck

Ford Motor on Tuesday grew to become the most recent automaker to boost the value of electrical automobiles when it considerably elevated costs of its common F-150 Lightning as a result of of rising supplies prices.

The firm started making the Lightning in April and had bought greater than 4,400 via the tip of July. Ford has taken reservations for greater than 200,000, and the upper costs will go into impact for the 2023 mannequin yr.

Ford mentioned it was rising the beginning costs of the truck by $6,000 to $8,500 for newly ordered automobiles. 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 prospects who’ve already positioned orders and are ready for his or her vehicles. Reservations give prospects a spot in line to put an order to purchase a truck. Ford stopped taking orders as a result of of robust demand however mentioned it might resume doing so on Thursday, when the brand new costs go into impact.

“We’ve announced pricing ahead of reopening order banks so our reservation holders can make an informed decision around ordering a Lightning,” mentioned Marin Gjaja, chief buyer officer for Ford’s electrical car division, often called Model e, in an announcement.

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

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

The local weather and well being care invoice often called the Inflation Reduction Act working its approach via Congress may assist make electrical automobiles extra inexpensive by providing patrons tax credit. But many present fashions just like the F-150 Lightning could not qualify as a result of the invoice requires {that a} sure share of a automotive’s battery be made in North America with supplies from allies. The share must improve yearly for automobiles to proceed qualifying for the tax break.

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