Ford raises prices for the F-150 Lightning electric truck

Ford Motor on Tuesday became the latest automaker to raise the price of electric vehicles when it dramatically raised prices for its popular F-150 Lightning due to rising fuel costs. materials.

The company began manufacturing the Lightning in April and had sold over 4,400 of them by the end of July. Ford has taken reservations for more than 200,000, and the higher prices will take effect for the 2023 model year.

Ford said it is raising prices starting truck $6,000 to $8,500 for newly ordered vehicles. After the increase, the truck will cost from $46,974 for a base model to $96,874 for a Platinum version with an extended range battery.

The increases n do not affect customers who have already placed orders and are waiting for their trucks. Reservations give customers a place online to place an order to purchase a truck. Ford stopped taking orders due to high demand, but said it would resume on Thursday when the new pricing takes effect.

"We announced prices before bank orders reopen so that our reservation holders can make an informed decision about ordering a Lightning,” said Marin Gjaja, chief customer officer of Ford’s electric vehicle division, known as Model e, in a statement.

Other automakers have also raised the prices of their electric cars Tesla has increased the price of its Model 3 and Y by several thousands of dollars over the past few months, with cars now starting around $47,000 and $66,000.

All car prices, including for models at conventional gasoline, increased due to a shortage of chips computers that have prevented manufacturers from producing as many vehicles as consumers want to buy. The price of electric vehicles has also increased as the supply of materials needed to manufacture batteries has not kept up with the rapid growth in demand. Commodity costs were also affected by the disruption caused by the coronavirus pandemic and Russia's war in Ukraine. Ford executives said in July that the company expects material costs to rise by about $4 billion this year. Congress could help make electric vehicles more affordable by offering buyers tax credits. But many current models like the F-150 Lightning might not qualify because the bill requires that a certain percentage of a car's battery be made in North America with materials from allies. The percentage would have to increase each year to ensure that cars continue to benefit from the tax relief.