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Ford Motor is increasing the starting prices of its electric Mustang Mach-E crossover by ranging between $3,000 and $8,475 due to material cost increases, continued strain on key supply chains, and rapidly evolving market conditions.
The markups would depend on the model and battery.
Ford Motor is reopening order banks for the 2023 model year.
The Mach-E is the most recent electric vehicle to see a price increase, as raw material costs for electric vehicle batteries more than doubled during the coronavirus pandemic.
Prices for the 2023 Mustang Mach-E will now range between $47,000 and $70,000, up from $44,000 to $62,000 for the 2022 model year. Prices do not include taxes or shipping/delivery charges.
Ford also raised the starting price of its electric F-150 Lightning pickup by $6,000 to $8,500, depending on the model, earlier this month. The automaker cited similar reasons for the increases, specifically related to raw materials used in vehicle batteries such as lithium, cobalt, and nickel.
Ford also announced changes to options and increased capabilities for some Mach-E models, in addition to the new pricing. It is also raising the shipping costs for the Mach-E by $200 to $1,300 on all models.
Ford stated that the higher prices will apply to new orders placed beginning Tuesday when order banks reopen.
Customers with unscheduled 2022 model year orders will receive a "private offer" to convert to a 2023 model year vehicle. According to the company. It is unclear at what price those customers would be offered.
