The price of Ford Motor’s electric pickup truck has been raised by thousands of dollars “due to substantial material cost increases and other considerations,” the Michigan carmaker said Tuesday.
The Lightning Pro, the base model for the F-150 Lightning, will now start at $46,974, up roughly $7,000 from $39,974 earlier this year. The Platinum Extended Range, the truck’s most costly variant, will cost $96,874, an increase of $6,000.
Ford’s pricing increases come on the same day as President Biden signs new legislation to make it simpler for manufacturers to get the semiconductors required to build new cars. According to White House officials, the Chips and Science Act offers more than $200 billion to stimulate American manufacture of computer chips.
Despite the fact that chip shortages have hampered new car manufacturing, Ford maintained the pricing increases were due to battery prices.
According to a Ford representative, “the overwhelming bulk of this pricing increase pertains to battery material prices and is unrelated to the CHIPS Act.”
Ford started production of the Lightning in April and delivered the first batch in May of this year. According to the firm, over 4,400 vehicles have been sold so far.
Preorders for the Lightning at the increased pricing will be available beginning next Thursday, according to Ford. Customers who have already preordered will be charged the existing price, according to the company.
Ford is the most recent business to raise the price of its electric car. Rivian, GM, and Tesla have all boosted their EV pricing as metal prices have risen, as have the costs of components such as lithium, which are required to manufacture batteries.
EV demand remains robust even as costs climb. According to a AAA study issued last month, almost one-quarter of Americans want to buy an electric vehicle as their next automobile. According to Recurrent, an automobile industry research firm, interest in purchasing an electric vehicle has increased by 70% since January.
Experts in the automotive industry believe it’s critical to keep an eye on the pricing of electric cars as the United States attempts to reduce its reliance on fossil fuels. Even as charging stations proliferate throughout the country, experts warn that price increases on EVs like Tesla’s might put them out of reach for the middle class.
Ford’s price rise comes as the House prepares to vote on the Inflation Reduction Act, which contains, among other things, thousands of dollars in tax credits for people purchasing electric cars. However, an industry trade organization claims that most consumers will not be eligible for the credits today because the present form of the law includes a requirement that the vehicle battery be made from resources mined in North America.