Ford Increases the Price of the F-150 Electric Truck

U.S. automakers, including EV giant Tesla Inc and Rivian Automotive Inc, have raised vehicle prices this year as a result of tough economic conditions exacerbated by Russia's invasion of Ukraine.

Ford Motor Co is raising the price of its electric truck F-150 Lightning Pro for the 2023 model year by nearly 11% to compensate for ongoing supply chain issues and decades-high inflation, according to a spokesperson for the automaker on Wednesday.

Due to "ongoing supply chain constraints, rising material costs, and other market factors," the new model's price has been raised to $51,974 from $46,974 previously.

U.S. automakers, including EV giant Tesla Inc and Rivian Automotive Inc, have raised vehicle prices this year as a result of tough economic conditions exacerbated by Russia's invasion of Ukraine.

Ford raised prices for its F-150 Lightning lineup for the first time since it was introduced last year, by $6,000 to $8,500 depending on the variant, in August.

The Pro model, the least expensive of the variants, was nearly 18% more expensive than before, owing to an increase in the cost of raw materials such as lithium, which is used in EV batteries.

According to a Ford spokesperson, those who have already scheduled their order, including commercial and government customers, will be unaffected by the latest price increase.

Ford reported strong demand for new vehicles in the United States on Tuesday, saying retail orders were rapidly expanding but warned that supply issues were still weighing on sales.

Analysts predict that demand for cars and trucks will slow in the coming quarters as rising interest rates discourage consumers from paying more money for vehicles.

About Ford Company

With more than a half-century of experience and dynamic product development capabilities, Ford Trucks, as a leading automotive company, has been offering the best solutions to meet the needs of public utility companies and other customers. Ford truck’s journey began in 1960 with the F600 series trucks and continues today with fully-indigenous design and engine production that relies on Ford engineers' expertise.

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