Ford Raises Price for F-150 Lightning Electric Pickup Truck

Text size

Ford

Motor has increased the price of its electric F-150 Lightning trucks as it reopens its bank of orders for customers.

The manufacturer’s suggested retail price now ranges from $46,974 to $96,874. That is at least $6,000 higher than the prices of about $40,000 to $90,000 seen in October 2021.

Ford (ticker: F) attributed the hike to significant material cost increases and other factors, according to a news release.

The prices exclude delivery fees, taxes, and other charges. The increase won’t apply to current order holders who are awaiting delivery, said Marin Gjaja, chief customer officer of Ford’s electric-vehicle division, called Model e.

Ford plans to reopen order banks on Thursday. The car maker stopped taking reservations for its all-electric F-150 Lightning pickup truck in December after receiving more than 200,000 orders.

Ford’s stock closed down 3.7%, to $15.19, on Tuesday. The

S&P 500
was down 0.4%.

Ford is far from the only one hiking prices of its electric vehicles.

General Motors

(GM) raised the price of its GMC Hummer EV by $6,250 in mid-June. Its announcement came after similar announcements by

Rivian

(RIVN) and

Tesla

(TSLA).

Unlike Ford,

Rivian

raised prices for all customers—including those who had already reserved vehicles before the price increase—by roughly 20%. But after a few days of pushback, the company said it was going to honor old prices for customers that had already placed orders.

Back in June,

Tesla

 revved up its U.S. prices, with some models rising by up to $6,000. The auto maker also cited rising commodity costs and the global supply-chain crisis.

Write to Karishma Vanjani at [email protected]