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Ford raises F-150 Lightning prices again to battle high costs

Stock Markets
Published Mar 30, 2023 01:22PM ET Updated Mar 31, 2023 06:17AM ET
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3/3 © Reuters. FILE PHOTO: A model of the all-new Ford F-150 Lightning electric pickup is parked in front of the Ford Motor Company World Headquarters in Dearborn, Michigan, U.S. April 26, 2022. REUTERS/Rebecca Cook 2/3
 
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(Reuters) -Ford Motor Co on Thursday raised prices of some models of its popular F-150 Lightning electric pickup truck again, the latest in a series of price hikes aimed at offsetting high costs.

The carmaker said it raised the starting price of the Lariat Standard model to $75,974 from $74,474 and the Platinum range to $98,074 from $96,874 "in response to current material costs, market factors, and supply chain constraints."

Shares of Ford closed up 2% on Thursday.

The move underscores the red-hot demand for the electric version of the gasoline-powered F-150 truck, which has been the subject of some songs due to its popularity, and comes at a time when market leader Tesla (NASDAQ:TSLA) Inc has triggered a price war.

"Ahead of the next wave of commercial order banks opening mid-April, Ford is adjusting the price of the F-150 Lightning Pro MSRP from $55,974 to $59,974," Ford said, adding that the model remains sold-out for retail customers.

The Detroit automaker resumed production of the F-150 Lightning earlier this month after recalling 18 electric trucks due to a battery-cell manufacturing defect.

A week earlier, Ford said its electric-vehicle business unit was expected to lose $3 billion this year, but remained on track to achieve a pretax margin of 8% by late 2026.

Automotive News first reported the price increase on Thursday.

Ford raises F-150 Lightning prices again to battle high costs
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Comments (5)
Gary Piccone
Gary Piccone Mar 30, 2023 5:58PM ET
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Not to mention the high cost of electric
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EL LA
EL LA Mar 30, 2023 4:48PM ET
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Who is responsible for the toxic dead battery waste pollution?
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Casador Del Oso
Casador Del Oso Mar 30, 2023 2:02PM ET
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This inflation contributor will help keep interest rates higher for longer.
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william marti
william marti Mar 30, 2023 1:59PM ET
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Selling this truck at 40k was always a lie from ford.
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Ernie Keebler
Ernie Keebler Mar 30, 2023 1:51PM ET
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With costs going up so much 22+ Million for Farley probably not enough to keep him from starving, gotta get bonuses to the execs, screw the consumer
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