Ford ups beginning worth of electrical F-150 Lightning pickup to $51,974

DETROIT — Ford Motor is growing the beginning worth of its electrical F-150 Lightning pickup by $5,000 for the 2023 mannequin yr, citing rising prices and provide chain points.

The brand new worth of the 2023 Lightning Professional, an entry-level mannequin meant for business and enterprise clients, shall be $51,974 — up practically 11% from earlier pricing and a 30% enhance from the unique $39,974 worth in Might 2021.

In an emailed assertion, Ford stated it’s adjusting the worth “as a consequence of ongoing provide chain constraints, rising materials prices and different market components. We are going to proceed to observe pricing throughout the mannequin yr.”

Present retail order holders and business and authorities clients with a scheduled order shall be unaffected by the worth enhance, the corporate stated.

Ford made waves when it introduced the beginning worth for the Lightning can be about $40,000, making it extra reasonably priced than many EVs in the marketplace. Wall Road praised the car, and it was a serious enhance for the corporate at the moment, as traders had been concentrating on EV start-ups.

However vital uncooked materials prices resembling cobalt, nickel and lithium have greater than doubled throughout the coronavirus pandemic, in line with a report from AlixPartners this summer time.

The associated fee will increase and different provide chain issues, which Ford estimated would lead to $1 billion in sudden prices throughout the third quarter, have pressured automakers to extend EV costs to retain earnings.

Lower than two months in the past, Ford introduced worth will increase of between $6,000 and $8,500 on the Lightning, relying on the mannequin.

The beginning costs for the 2023 F-150 Lightning will now vary from about $52,000 to $97,000, up from roughly $40,000 to $92,000 for the 2022 mannequin yr. Costs exclude taxes and transport and supply prices.