Ford hikes starting price of electric F-150 Lightning for second time in less than two months

DETROIT — Ford Motor is expanding the starting terms of its electrical F-150 Lightning pickup by $5,000 for the 2023 exemplary year, citing rising costs and proviso concatenation issues.

The caller terms of the 2023 Lightning Pro, an entry-level exemplary meant for commercialized and concern customers, volition beryllium $51,974 — up astir 11% from erstwhile pricing and a 30% summation from the archetypal $39,974 terms successful May 2021.

In an emailed statement, Ford said it is adjusting the terms "due to ongoing proviso concatenation constraints, rising worldly costs and different marketplace factors. We volition proceed to show pricing crossed the exemplary year."

Current retail bid holders and commercialized and authorities customers with a scheduled bid volition beryllium unaffected by the terms increase, the institution said.

Ford made waves erstwhile it announced the starting terms for the Lightning would beryllium astir $40,000, making it much affordable than galore EVs connected the market. Wall Street praised the vehicle, and it was a large boost for the institution astatine that time, arsenic investors were concentrating connected EV start-ups.

But captious earthy worldly costs specified arsenic cobalt, nickel and lithium have much than doubled during the coronavirus pandemic, according to a study from AlixPartners this summer.

The outgo increases and different proviso concatenation problems, which Ford estimated would result successful $1 cardinal successful unexpected costs during the 3rd quarter, person forced automakers to summation EV prices to clasp profits.

Less than 2 months ago, Ford announced terms increases of between $6,000 and $8,500 connected the Lightning, depending connected the model.

The starting prices for the 2023 F-150 Lightning volition present scope from astir $52,000 to $97,000, up from astir $40,000 to $92,000 for the 2022 exemplary year. Prices exclude taxes and shipping and transportation costs.