Photo: Ford
Ford has announced the second price hike in the last couple of months for the 2023 F-150 Lightning, citing worsening market conditions. The price increase affects only the base Pro trim for now, but the amount added to the MSRP represents an almost 11% increase over the current price.
Inflation and scarcity pushed the prices up for almost everything, and car parts made no exception. This is why electric vehicles, which were supposed to become more affordable as more carmakers jumped on the bandwagon, are, in fact, becoming more expensive. The dream of an affordable EV is poised to remain a dream, although the economy of scale comes into play. That’s because battery raw materials are more expensive than ever, and car suppliers raise prices like everyone else.
To be sure, all vehicles are now more expensive than ever, including used ones. But EVs have been more affected than others because battery materials have seen the steepest price increase. Tesla was among the first to see this coming and raised the prices accordingly, followed by Rivian. On the other hand, General Motors went in the opposite direction with Bolt EV/EUV, significantly slashing the prices to near price parity with the ICE vehicles.
Ford, which reported stellar sales results for its electric vehicles in the third quarter, already raised the prices of the F-150 Lightning in August. It was a sizeable increase across the entire range, by as much as $8,500 in the case of the XLT High/Extended Range trim. Back then, the Pro trim saw a $7,000 price hike from the $39,974. That represented an almost 18% increase.
Two months later, Ford felt the need to raise the price again, this time only for the Pro trim. This makes the most affordable electric pickup in Ford’s lineup (and on the market) less affordable than ever. At $51,974, The 2023 Ford F-150 Lightning Pro is still cheaper than the Rivian R1T, which starts at $73,000.
According to Reuters, the price increase was decided in response to “ongoing supply chain constraints, rising material costs, and other market factors.” The price increase would not affect customers who had already scheduled their orders, including commercial and government customers.
To be sure, all vehicles are now more expensive than ever, including used ones. But EVs have been more affected than others because battery materials have seen the steepest price increase. Tesla was among the first to see this coming and raised the prices accordingly, followed by Rivian. On the other hand, General Motors went in the opposite direction with Bolt EV/EUV, significantly slashing the prices to near price parity with the ICE vehicles.
Ford, which reported stellar sales results for its electric vehicles in the third quarter, already raised the prices of the F-150 Lightning in August. It was a sizeable increase across the entire range, by as much as $8,500 in the case of the XLT High/Extended Range trim. Back then, the Pro trim saw a $7,000 price hike from the $39,974. That represented an almost 18% increase.
Two months later, Ford felt the need to raise the price again, this time only for the Pro trim. This makes the most affordable electric pickup in Ford’s lineup (and on the market) less affordable than ever. At $51,974, The 2023 Ford F-150 Lightning Pro is still cheaper than the Rivian R1T, which starts at $73,000.
According to Reuters, the price increase was decided in response to “ongoing supply chain constraints, rising material costs, and other market factors.” The price increase would not affect customers who had already scheduled their orders, including commercial and government customers.
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