Ford is increasing the price of its base electric truck model, the F-150 Lightning Pro, by $5,000 as the automaker grapples with ongoing supply chain disruptions and rising input costs.
A day after the release of its September US sales report, which showed significant interest (+197.3% yoy) in the automaker’s electric vehicles, Ford is announcing pricing for the Ford F-150 Lightning, according to a Portal report raise per.
Though electric vehicle sales are growing rapidly, Ford is struggling to keep up with demand. Ongoing supply chain issues (originally caused by the pandemic and exacerbated by lockdowns in China) continue to be an issue across the industry as automakers struggle to meet growing demand for electric vehicles.
In announcing Ford’s second-quarter results, CFO John Lawler told Bank of America’s John Murphy:
The inflation we are seeing will continue. And we see that across the board, you know, from material costs, freight, fuel costs and so on. So we see that continuing, and that’s up.
And then again, Ford confirmed last month that it was still struggling with parts shortages and further supply shortages.
Like much of the auto industry, Ford is increasingly relying on pre-orders for its electric models, creating pent-up demand.
However, not only the prices for electric vehicles are increasing. Due to the continuing shortage of semiconductors, higher-end gas models are also receiving price increases. And Ford isn’t the only one feeling the effects. Other automakers like Rivian and Tesla have also raised prices.
Stellantis CEO Carlos Tavares said in an Oct. 2 interview with French newspaper Le Parisien that he expects the following:
That [semiconductor] The situation will remain very complicated until the end of 2023, then relax a bit.
With this in mind, Ford reopened orders for its popular F-150 Lightning in August, increasing the price for all models by $6,000 to $8,500. The automaker is again raising the price of its base model, the Ford F-150 Lightning Pro today.
Ford F-150 Lightning Source: Ford
2023 Ford F-150 Lightning Pro factory price
The least expensive Ford F-150 Lightning, the Pro trim, is now $51,974 compared to its previous price of $46,974, according to Portal.
2023 Ford F-150 Lightning Pro updated prices
A Ford spokesman claims the price hike is due to:
Ongoing supply chain constraints, rising material costs and other market factors.
Meanwhile, Ford’s spokesman says those who have already scheduled their order will not be affected by the hike, including government and commercial customers.
Ford says it will continue to monitor the price of its 2023 F-150 Lightning going forward.
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