Ford is raising the price of its base electric truck model, the F-150 Lightning Pro, by $5,000 as the automaker fights through lingering supply chain disruptions and rising input costs.
A day after releasing its September US sales report, which showed significant interest (+197.3% YOY) in the automaker’s electric vehicles, Ford says it will be raising the Ford F-150 Lightning Pro prices, according to a report from Reuters.
Although EV sales are rising quickly, Ford has struggled to keep up with demand. Ongoing supply chain issues (initially created by the pandemic and worsened through lockdowns in China) continue to be a problem across the industry as automakers race to meet the growing demand for electric vehicles.
On Ford’s second-quarter earnings call, CFO John Lawler explained to Bank of America’s John Murphy:
The inflation that we’re seeing, that’s going to continue to run through. And we’re seeing that, across the board, you know, from material cost, freight, fuel costs, et cetera. So, we see that continuing, and that’s up.
And then again this past month, Ford confirmed it was still struggling with parts shortages and further supply constraints.
Like much of the auto industry, Ford has increasingly been leaning into preorders for its electric models, creating pent-up demand.
However, it isn’t just the price of electric vehicles going up. Higher-end gas models are also getting price increases due to the ongoing shortage of semiconductors. And Ford is not the only one feeling the effects. Other automakers, such as Rivian and Tesla, have also raised prices.
Stellantis CEO Carlos Tavares also said in an interview with French newspaper Le Parisien on October 2 that he expects:
The [semiconductor] situation will remain very complicated until the end of 2023, then will ease a little.
With this in mind, Ford reopened orders for its popular F-150 Lightning in August, raising the price across all models by $6,000 to $8,500. The automaker is raising the price of its base model, the Ford F-150 Lightning Pro, again today.
2023 Ford F-150 Lightning Pro new price
The lowest priced Ford F-150 Lightning, the Pro trim, will now be $51,974 compared to its previous price of $46,974, according to Reuters.
|Old Price||New Price||Adjustment|
|2023 Ford F-150 Lightning Pro||$46,974||$51,974||$5,000|
A Ford spokesperson said:
Ford is adjusting the MSRP on the 2023 F-150 Lightning Pro due to ongoing supply chain constraints, rising material costs and other market factors. We will continue to monitor pricing across the model year. Current retail order holders awaiting delivery are unaffected by this adjustment. Current commercial and government customers with a scheduled order are unaffected by this adjustment.
Ford says it will continue monitoring the price of its 2023 F-150 Lightning going forward.
Supply and demand. Ford has multiple years of orders and more coming in all the time after mostly favorable reviews of the F-150 Lightning and the E-Transit.
Will the people who reserved a Ford Pro F-150 at $40,000 last year still be buying the $51,000 priced version next year? Stay tuned.
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