Ford’s raising the price of its F-150 Lightning pickup yet again — this time, by about $4,000 (via CNBC). The increase affects both the entry-level Pro model for business customers and the consumer-focused XLT trim with no added options, which now start at $55,974 and $63,474, respectively.
For comparison, the Pro work truck initially started at $39,974 when it launched back in April, but subsequent price hikes brought the price up to $46,974 in August and $51,974 in October. The base XLT, on the other hand, launched with a sticker price of $52,974 before that increased to $59,474 several months later.
The price increase only affects the Pro and XLT models. Screenshot: Emma Roth / The Verge
“Pricing adjustments are a normal course of business due to rising material costs, market factors and ongoing supply chain constraints,” Ford spokesperson Elizabeth Kraft tells The Detroit News, noting that existing vehicle orders aren’t affected. Ford didn’t immediately respond to The Verge’s request for comment.
The automaker aims to produce 150,000 Lightning vehicles per year by 2023, and recently added a third production shift at its Michigan plant to help meet these goals. A number of electric vehicle (EV) makers — not just Ford — have doled out price increases as they deal with a global chip shortage and rising prices for the raw materials needed to make EV batteries, such as lithium and cobalt.
In March, Tesla raised the prices of all its vehicles, while Lucid announced a price increase across its entire lineup. GMC also raised the price of its Hummer EV, while Kia’s 2023 EV6 model will jump by $7,000. As The Verge’s transportation editor Andrew Hawkins wrote in August, EV prices are going in the wrong direction, with the average cost of an EV spiking to an all-time high of $66,000 over the summer.