Ford To Raise Price Of 2023 F-150 Lightning By Up To $8500: Here's Why

On Tuesday, the Ford Motor Company F announced price hikes to its EV pickup truck, the F-150 Lightning, CNBC reported.

The company shared that due to “significant material cost increases and other factors” the price of the car would be increasing anywhere from $6,000 to $8,500 depending on the trim model.

The price hike will go into effect for the 2023 model, and it will raise prices from a range of $40,000 – $92,000 to a range of $47,000 – $97,000. The price hike will not affect any customers who have already purchased the truck and are awaiting delivery.

The announcement comes ahead of the automaker reopening orders for the F-150 Lightning on Thursday. Orders had previously closed after Ford received more than 200,00 nonbinding reservations for the truck.  

Ford isn’t the only automaker that is raising the price of its EV vehicles. Competitor General Motors Company GM announced that it would be increasing the price of its Hummer EV by $6,250.

CNBC shared that during the COVID-19 pandemic, raw materials costs for electric vehicles more than doubled, according to AlixPartners, which could be causing the recent price hikes.

Price Action: Ford shares are down 3.68% as the price lowers to $15.20 during Tuesday’s trading session, according to Benzinga Pro.

Photo: Courtesy of ford.com