Ford’s recent round of updates for its highly-acclaimed F-150 Lightning include a notable price increase for the all-electric pickup truck’s numerous variants. The veteran automaker noted that it is adjusting the price of the Lightning due to “significant material cost increases” and a variety of other factors.
With the recent round of price increases in effect, the Ford F-150 Lightning Pro now starts at $46,974, which is $7,000 more than its previous price. The Lightning XLT now starts at $59,474, an increase of $6,500. The XLT High received a price increase of $6,000, with the variant now starting at $68,474. The Lightning Lariat now starts at $74,474, $7,000 higher than its previous cost.
The Ford F-150 Lightning XLT High/Extended now starts at a price of $80,974, a full $8,500 more than its previous price. The Lariat Extended Range also received an $8,500 price increase, with the variant now starting at $85,974. Finally, the Lightning Platinum Extended Range now starts at $96,874 after a $6,000 price increase.
Ford’s mention of rising raw material costs is a valid reason for the Lightning’s price increases. According to a recent report by consulting and research firm AlixPartners, raw material costs for electric vehicles have more than doubled during the pandemic. Coupled with the chip shortage and the supply chain crisis, carmakers like Ford have felt immense pressure.
The Detroit-based automaker clarified that the price increases would not impact customers who have already ordered the Lightning and are currently waiting for delivery. Instead, the price increase will affect an undisclosed number of reservation holders who have not yet ordered their vehicles, according to a CNBC report.
Price increases are not rare in the electric vehicle sector. General Motors had previously raised the price of the Hummer EV by $6,250 as well. New electric vehicle startups Rivian and Lucid Motors also rolled out price increases for their respective vehicles. EV veteran Tesla is the same, with the top trim of the Model Y crossover — a vehicle marketed as an affordable option in the company’s lineup — now starting at a price that’s higher than the flagship Model S’ base price back in 2020.
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