Ford F-150 Lightning EV Price Hikes for 2023 Model by 11% — Here’s Why

Ford F-150 Lightning price hikes by around 11% for its 2023 model, the giant automaker confirmed as it grapples with the current economic situation.

The new pricing for the 2023 Lightning Pro is now 30% more expensive than the initial price of the electric vehicle (EV) when it debuted last year or in 2021.

Ford F-150 Lightning Pro EV Price Hike for 2023 Model

As per the latest news story by CNBC, Ford Motor announced that it is jacking up the starting price of its F-150 Lightning EV for its 2023 release.

In turn, the entry-level price of the Ford all-electric pickup is up by roughly 11%from the initial pricing.

The news outlet notes that the F-150 Lightning caught the attention of consumers and investors when the American automaker introduced it back in May 2021. It comes as Ford priced it more affordable than most electric offerings out there. The electric pickup carried a $40,000 price tag when it first saw the light of day.

However, since then, the pricing of the F-150 Lightning has consistently increased. And now, Ford also hiked the pricing of its 2023 model. According to a recent report by Electrek, the starting price increased by $5,000.

2023 F-150 Lightning: How Much is it Priced?

Due to the $5,000 price hike, the all-new 2023 F-150 Lightning Pro now starts at $51,974, CNBC notes in the same report.

Meanwhile, the starting prices for various F-150 Lightning pickups now cost between $52,000 and $97,000. In context, the 2022 model of the electric truck was way cheaper than the 2023 release. CNBC reports that the current model only retails from $40,000 to $92,000.

But it is important to mention that this price range has yet to include the taxes and delivery costs that comes with it. That said, the cost is expected to be more expensive than its retail pricing.

Why Did Ford Make it More Expensive?

Various EV makers, including the giant EV maker Tesla and Rivian, have also raised the starting price of their vehicles. Not to mention that Ford has been jacking up the prices of its vehicles as well.

And with the latest price increase of the 2023 F-150 Lightning, Ford explains the reason behind it.

The carmaker says that it is "due to ongoing supply chain constraints, rising material costs, and other market factors. We will continue to monitor pricing across the model year."

So it turns out that Ford has to raise the price of its electric pickup due to the inflating costs of raw materials, and the raging supply mess.

This article is owned by Tech Times

Written by Teejay Boris