By Michael Elkins
Investing.com - Ford Motor (NYSE:F) announced on Tuesday via press release that the company is increasing the starting prices of its F-150 Lightning electric pickup truck. However, along with the price bump comes an increase in the vehicles estimated range.
The new range for the F-150 Lightning Pro with the standard 98-kwh battery pack increases from an EPA-estimated 230 miles to 240 miles, and the price increases from $39,974 to $46,974.
The standard mid-range XLT was increased $6,500 to $59,474. At the higher end of the scale, Ford bumped up the price of the Platinum Extended Range by just over $4,000 to $96,874. The Lariat Extended Range jumped up by $8,900 to $85,974.
Ford announced the price increases are "due to significant material cost increases and other factors”.
The release clarified that the original MSRP would be honored for all existing orders to date, adding that reservation holders who received an invitation to order but instead extended their reservation because their desired truck was unavailable will receive a private offer.
“Current order holders awaiting delivery are not impacted by these price adjustments,” Marin Gjaja, chief customer officer, Model E, said in the statement. “We’ve announced pricing ahead of re-opening order banks so our reservation holders can make an informed decision around ordering a Lightning.”
Ford was down almost 4% in mid-day trading.