Otis Singleton
Ford Motor Company has increased the prices of its electric vehicles, specifically the F-150 Lightning pickup truck, by about $6,000 to $8,500, depending on the model and trim level. The price increase is attributed to surging raw material and battery costs, as well as high commodity costs, which have impacted the entire automotive industry. This move comes as Ford restarts orders for the popular electric truck, which initially had to be shut down due to high demand. While the price hike may be challenging for prospective buyers, it is expected to help Ford offset the rising costs and meet the strong demand for its electric vehicles.
| Characteristics | Values |
|---|---|
| Reason for price increase | Significant material cost increases and other factors |
| Date of announcement | August 2022 |
| Price increase range | $6,000 to $8,500 |
| Affected models | 2023 Ford F-150 Lightning |
| Previous starting price range | $40,000 to $92,000 |
| New starting price range | $47,000 to $97,000 |
| Base-level Pro previous price | $41,769 |
| Base-level Pro new price | $47,000 to $48,769 |
| XLT previous price | $54,769 |
| XLT new price | $61,269 |
| Lariat previous price | $69,269 |
| Lariat new price | $76,269 |
| Platinum Extended Range previous price | N/A |
| Platinum Extended Range new price | $98,669 |
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What You'll Learn
The price of Ford's F-150 Lightning increased by \$6,000 to \$8,500
Ford Motor Company has increased the price of its electric F-150 Lightning pickup by $6,000 to $8,500, depending on the variant. The price hike is due to "significant material cost increases and other factors", according to the company. The cheapest Pro model now has a starting price of about $47,000 to $48,769, up from $40,000 to $41,769 previously. The price increase has led to some customers cancelling their orders, as the electric truck is now out of their budget.
The F-150 Lightning is a popular electric pickup truck manufactured by Ford at the Rouge Electric Vehicle Center in Dearborn, Michigan. The vehicle initially attracted a lot of customers due to its affordable price point of $40,000 for the base model. However, with the recent price hikes, the base model has now been discontinued, and the current base model, the Pro trim, starts at a much higher price.
The price increase of the F-150 Lightning is not an isolated case, as other automakers have also raised the prices of their electric vehicles. General Motors, for instance, increased the price of its Hummer EV pickup by $6,250, while EV startups Rivian Automotive and Lucid, as well as Tesla, have also increased the prices of their vehicles. These price hikes are attributed to the surging raw material costs, with the cost of raw materials for electric vehicle batteries more than doubling during the coronavirus pandemic, according to a report by consulting and research firm AlixPartners.
Ford has attempted to offset the F-150 Lightning's added cost by introducing some improvements. The company is targeting more range from models with the standard 98.0-kWh battery, now estimated to offer 240 miles of range, up from the previous 230-mile rating. Additionally, the 2023 F-150 Lightning lineup includes new features such as Pro Trailer Hitch Assist, which is designed to automatically control steering, braking, and throttle inputs when trying to hook up to a trailer.
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The base price of the 2023 model is \$47,000
Ford has increased the pricing of its newest electric vehicles, including the F-150 Lightning pickup truck, which now has a starting price of around $47,000, up to $97,000, depending on the model. This price increase is attributed to surging raw material costs, with the cost of batteries for electric vehicles more than doubling during the coronavirus pandemic. The base price for the 2023 model is $47,000, a notable increase from the previous year's starting price of around $40,000.
The F-150 Lightning is part of Ford's push into the electric vehicle market, which includes other models such as the Mustang Mach-E and the E-Transit. Despite the price hike, Ford is offering incentives for eligible customers who take delivery of a Ford EV prior to April 18, with a tax incentive of up to $7,500. The company has also introduced the Ford Model e, a division dedicated to developing electric models, with a $22 billion budget through 2025.
The F-150 Lightning, manufactured at the Rouge Electric Vehicle Center in Dearborn, Michigan, offers impressive specifications. It provides a tremendous range, 775 lb-ft of torque, and a towing capacity of up to 10,000 lbs, challenging the notion that EVs cannot handle heavy-duty tasks. The electric pickup truck market is highly competitive, with Ford joining the likes of General Motors' Hummer EV and startups like Rivian Automotive and Lucid, all vying for a share of the growing EV market.
The base price of the 2023 F-150 Lightning at $47,000 sets a new standard for Ford's electric vehicle offerings. It is important to note that this price is for the Pro model, which is the most affordable variant. The price increase of up to $8,500 compared to the previous year's model reflects the rising costs of raw materials and batteries, which have impacted the entire automotive industry. This price point positions the F-150 Lightning as a premium offering in the electric pickup truck segment, targeting customers seeking a combination of performance, sustainability, and the latest technology.
While the starting price of $47,000 is a significant investment, Ford is committed to making its electric vehicles accessible to a wide range of customers. The company offers various incentives and tax credits to offset the higher upfront cost, recognizing the long-term benefits of EV adoption. The F-150 Lightning, with its impressive capabilities and Ford's strong brand presence, is poised to attract customers who are environmentally conscious yet require the power and versatility of a pickup truck.
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The price hike is due to rising inflation and commodity costs
Ford has raised the price of its electric F-150 Lightning pickup by $6,000 to $8,500, depending on the model. The price hike is due to rising inflation and commodity costs, with raw material costs for batteries more than doubling during the coronavirus pandemic.
Ford is not alone in increasing the prices of its electric vehicles. General Motors previously raised the price of its Hummer EV pickup by $6,250, while EV startups Rivian Automotive and Lucid increased the costs of their vehicles by a substantial amount. Tesla has also raised its prices this year.
The price of raw materials for batteries has more than doubled during the coronavirus pandemic, according to a report by consulting and research firm AlixPartners. This has contributed to the significant increase in the cost of producing electric vehicles. Ford's own expectations of rising commodity costs also played a role in its decision to raise prices. In June, the company anticipated that commodity costs would increase by $4 billion for the year, and it planned to offset these higher costs by raising prices.
The popularity of Ford's F-150 Lightning and other electric vehicles has also contributed to the price increases. With high demand for these vehicles, Ford and other automakers have been able to adjust prices upwards without significantly impacting sales. However, for electric vehicles to become more accessible to the masses, prices will eventually need to come down.
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The price increase is also attributed to new features
Ford has raised the price of its F-150 Lightning electric pickup truck by $6,000 to $8,500, depending on the model. The price increase is attributed to rising inflation, commodity costs, and significant material cost increases. The raw material costs for batteries for electric vehicles more than doubled during the coronavirus pandemic, and Ford is not the only automaker facing this challenge. General Motors, Rivian Automotive, Lucid, and Tesla have also raised prices for their electric vehicles.
While the price increase may be disappointing to some prospective buyers, Ford has introduced new features and improvements to offset the added cost. The company is targeting more range from models with the standard 98.0-kWh battery, with an estimated 240 miles of range, up from the previous 230-mile rating. This increase in range is attributed to the newly standard heated seats, which are said to increase HVAC efficiency.
The 2023 Ford F-150 Lightning lineup also includes new features such as the Pro Trailer Hitch Assist, which is designed to automatically control steering, braking, and throttle inputs when trying to hook up to a trailer. This feature is now part of the Tow Technology package available on the Pro, XLT, and Lariat trims and standard on the Platinum model. Additionally, Ford has expanded the paint palette for the truck, introducing Avalanche Gray and Azure Gray metallic tri-coat options.
The price increase for the Ford F-150 Lightning also reflects the high demand for this electric vehicle. Despite the higher price, the Lightning has sold 4,400 units since it started taking orders in May, indicating that consumers are willing to pay a premium for this popular electric truck.
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Other EV brands have also increased their prices
The price increases are not limited to new electric vehicles. Used EV prices have also been increasing. In 2022, the Nissan Leaf and the Chevy Bolt EV saw significant price jumps of 45% and 29.3%, respectively, compared to the previous year. The Leaf's price increase is notable, as it is one of the most affordable electric vehicles on the market.
The surge in EV prices can be attributed to various factors, including high gas prices, which have driven a surge in demand for plug-in vehicles, and the global chip shortage, which has caused production issues and reduced inventory. According to iSeeCars executive analyst Karl Brauer, positive developments, such as the Inflation Reduction Act, which includes tax credits for new and used EVs, and the expected wave of more affordable EVs entering the market, could help stabilise EV prices.
While some EV brands have increased their prices, others have experienced significant drops in value. In 2025, Tesla's used models lost 13.6% in value, the largest drop among all brands. The Porsche Taycan also saw a substantial decline in value, losing 26.5% over the previous year. These drops in value present purchase opportunities for consumers looking for more affordable options in the used EV market.
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Frequently asked questions
Yes, Ford raised the price of its electric F-150 Lightning pickup truck by \$6,000 to \$8,500, depending on the model.
Ford raised the price of its electric vehicles due to "significant material cost increases and other factors." The raw material costs for batteries for electric vehicles more than doubled during the coronavirus pandemic.
The average transaction price of an EV in July 2022 was \$62,893, compared to an average of \$47,198 for all vehicles. The price of the Ford F-150 Lightning now ranges from about \$47,000 to \$97,000, depending on the model, which is comparable to other electric vehicles in the market.
