Ford Motor Co. will this week reopen its order banks exclusively to reservation holders for the F-150 Lightning all-electric pickup truck. With this round comes a slightly longer battery range and higher sticker price for the 2023 model year.
Citing “significant material cost increases and other factors,” the automaker said in a press release that it would increase the manufacturer’s suggested retail price for the Lightning starting with this order wave. The base model truck will increase by $7,000, or 17.5%, to just under $47,000. Customers with an order already on the books will not be affected.
Ford F, -3.71% is not alone. Faced with rising commodity prices PL00, -0.86% and chip shortages as the world recovers from the worst of the COVID-19 shutdown, many EV manufacturers have increased prices on some models.
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Ford in April reported first-quarter results within Wall Street expectations and said strong demand for its vehicles was dampened by “continued” supply chain challenges that hurt the automaker’s ability to fill its orders.
Ford stock is down 26% so far in 2022 but remains up 9% from where it was in August 2021. The S&P 500 SPX, -0.61%, is down 13% year to date.
Ford started production of the Lightning, a version of its already best-selling F-150, in April. EV market observers were excited about the launch and expected strong demand on construction sites, farms and ranches, and for personal use, particularly given the vehicle’s ability to act as a backup generator. Ford has sold 4,400 trucks a year to date.
The automaker said at launch that it expects demand to exceed its initial production capabilities. It limited reservations to 200,000 and relocated to increase capacity at the Rouge Electric Vehicle Center in Dearborn. Me., to 150,000 units per year by next year.
To date, the starting price for the Lightning was $39,974, not including destination fees that all manufacturers slap on vehicles when moving from production to dealerships. The proposed prices announced this week, excluding destination fees, are:
$46,974 for the F-150 Lightning Pro
$59,474 for the XLT
$68,474 for the XLT High
$80,974 for the XLT High/Extended line
$74,474 for the lasso
$85,974 for the expanded Lariat range
$96,874 for the Platinum Extended Range
Ford also announced that standard range battery models in the trucks have been increased from 230 to an EPA estimated target of 240 miles.
Other features received an upgrade. Ford adds Pro Trailer Hitch Assist technology to 2023 model year Lightning; It automatically controls steering, throttle and brake inputs to make trailer hitching easier. Ford is also introducing a custom Lightning Pro for the 2023 model year, aimed at police departments.
Price increases have already become apparent around the industry or will soon be so.
General Motors Co. GM, -3.14%, increased the price of its GMC Hummer EV pickup truck and SUV by $6,250 beginning June 18.
And the Tesla TSLA 2023, -2.13% cybertruck will be more expensive than announced more than three years ago due to higher material and production costs, Elon Musk told investors on Friday. The offer is expected to go on sale in the middle of next year.
“Cybertruck prices were introduced in 2019 and the reservation was $99. A lot has changed since then, so specs and pricing will be different,” Musk told investors, InsideEVs reported.
When it was unveiled in late 2019, Tesla listed a starting price of $39,900 for an entry-level single-engine Cybertruck, with higher-priced dual- and triple-engine variants. Tesla removed Cybertruck pricing from its website in 2021.
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