Due to critical raw material costs and supply chain issues, the Blue Oval has to increase the base price of its core EV model – the Ford F-150 Lightning time and again.
The 2023 Ford F-150 Lightning costs $5K more than in August when there was the first price hike. In general, the starting MSRP has bumped by $12,000 in just one year.
This is a significant rise. Given the general market trend, this was to be expected, and yet this price increase is a disillusion.
The reason is always the same – raw materials and parts becoming more expensive, and their shortage. In the case of the F-150 Lightning, it’s about cobalt, nickel, and lithium whose cost has more than doubled during the COVID-19 pandemic.
When Ford’s new electric pickup truck first arrived last May it cost $39,974. That was the price of the entry-level Ford F-150 Lightning Pro model for commercial customers.
For the 2023 model year, the starting price is $51,974 (excl. a $1,795 destination) which is a 30 percent increase over the original model.
So, the truck is less affordable now. But it is still competitive in the segment if we compare it with rivals whose base prices are:
- Chevrolet Silverado – $39,900
- Rivian R1T – around $73,000.
- GMC Hummer EV – $110,295
- Tesla Cybertruck – about $50,000
- Lordstown Endurance – $52,500.
Well, the 2023 Ford F-150 Lightning prices range from about $52,000 to $97,000: up from roughly $40,000 to $92,000 for the 2022 MY.
All prices shown here exclude taxes, delivery costs, and other charges. Fortunately, current retail order holders of the Ford electric pickup won’t be affected by the price increase.