Ford Motor hikes up the cheapest price of its F-150 electric pickup

Ford Motor Co. raised the price of its F-150 Lightning electric pickup once again. The price increase was applied to the cheapest rate or starting price of the said model.

As a result, the price of the F-150 electric truck is now 40% higher since its launch, and this means, it cost almost $56,000 now. The original price was $39,974 when it was first unveiled in May 2021. The automaker’s latest price hike was eight percent which is equivalent to $4,000, and this was reflected in the new price posted on the company’s website.

It was noted that Ford Motor imposed price increases for its electric pickup twice already within just three months. It was said that the automaker has been raising the prices to deal with higher costs and supply chain hurdles, as per Reuters.

Moreover, while the price hike has been imposed, it is not clear when exactly it was set in motion. But the move follows closely after Ford Motor added a third work crew at its assembly plant to increase the production of the F-150 Lightning pickups.

The company is trying to boost the production of its electric pickup trucks to 150,000 units by the next fall. It said that this plan is on track, and the addition of a third shift of workers in its Michigan facility showed its determination to push through and reach the goal.

Aside from Ford Motor, other major automakers such as Tesla and Rivian are also said to be having difficulties with higher prices of raw materials. Thus, the higher costs may stay longer.

In any case, CNBC News received an email from the automaker’s spokeswoman as it requested for comments regarding the price hike. She said that the company adjusted its vehicle pricing “as a normal course of business due to rising material costs, market factors, and ongoing supply chain constraints.”

She added, “Demand for this breakthrough vehicle is strong and continues to grow, we will continue to monitor pricing through the model year.”

Finally, Ford Motor was only able to sell 13,258 F-150 Lightning models through the end of November.

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