Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022 at the automaker’s Ford Rouge Electric Vehicle Center (REVC).
Michael Wayland | CNBC
DETROIT – Ford Motor has once again increased the starting price of its electric F-150 Lightning, citing higher raw material costs for the pickup truck.
The new price of the F-150 Lightning Pro, an entry-level model meant for commercial and business customers, will be $55,974 — up nearly 8%, or $4,000, from previous pricing and a 40% increase from the original pricing of $39,974 announced in May 2021.
A Ford spokeswoman in an emailed statement Friday said the company adjusts vehicle pricing “as a normal course of business due to rising material costs, market factors, and ongoing supply chain constraints.”
Ford initially made waves when it announced the starting price for the Lightning would be about $40,000, making it more affordable than many EVs on the market. Wall Street praised the vehicle, and it was a major boost for the company at that time.
But critical raw material costs such as cobalt, nickel and lithium have substantially increased amid rising demand and supply chain problems.
The latest pricing increase – at least the third this year – comes as Ford attempts to expand production of the electric pickup to 150,000 units by next fall. The company earlier this week said it remains on track to do so, as it recently added a third shift of workers to a Michigan plant producing the vehicle.
“Demand for this breakthrough vehicle is strong and continues to grow, we will continue to monitor pricing through the model year,” the spokeswoman said in the emailed statement.
Through the end of November, Ford had only sold 13,258 F-150 Lightnings.