The Ford Motor Company (F) is raising the starting price of its 2023 electric F-150 Lightning
pick-up truck by $5,000 U.S. due to rising manufacturing costs.
The Detroit automaker said the new price of the 2023 Lightning Pro, which is the entry-level
model of the F-150 truck, will be $51,974 U.S., up nearly 11% from pricing set earlier this year
and a 30% increase from the original price of $39,974 U.S. that was set in May 2021.
Prices for the electric F-150 pick-up truck are expected to rise by a similar amount in percentage
terms within Canada.
In a written statement, Ford said it is lifting the price of the electric F-150 because of ongoing
supply chain constraints and rising material costs that have made it more expensive to
manufacture the truck.
However, Ford added that current retail order holders and commercial and government
customers with a scheduled order already on the books will not be affected by the price
increase.
Ford has estimated that cost increases and supply chain issues could result in $1 billion U.S. of
unexpected costs during this year’s third quarter.
This is the second time in two months that Ford has raised the price of the electric F-150 truck.
In September, Ford announced price increases between $6,000 U.S. and $8,500 U.S. on the
various Lightning models.
The prices for the 2023 F-150 Lightning will now range from $52,000 U.S. to $97,000 U.S., said
Ford.
The F-150 pick-up truck has consistently been among the bestselling vehicles in North America
since 1976, according to industry data.
Ford stock is down 43% this year at $12.51 U.S. per share.
