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Ford increases F-150 Lightning EV prices due to 'material cost increases'

Prepare to pay more for Ford's electric vehicles, notably the 2023 F-150 Lightning pickup.

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Inflation has been running rampant in 2022 and Ford Motors is among the latest to increase prices as a result, this time on its F-150 Lightning EV pickup with reasons cited being “significant material cost increases and other factors.” In terms of pricing, the 2023 F-150 Lightning prices have increased by $6,000 to $8,500 depending on the model, with prices now ranging from $47,000 all the way up to $97,000.

In comparison, the 2022 model had prices ranging from $40,000 to $92,000. While inflation news is never pleasant, there is a small nugget of good news in that Ford has assured that customers who previously ordered a vehicle and who are still waiting for delivery won’t be affected by these price increases. However, they will impact “an undisclosed number of reservation holders who have not yet ordered a truck” as reported by outlets like CNBC.

Ford F-150 Lightning EV shown parked in a garage with a cable connected to charge its battery.
© Ford, MotorTrend

Circling back to why Ford is increasing prices, it’s noted that raw material costs for EVs “more than doubled” during the COVID-19 pandemic. Furthermore, Ford isn’t the only company that increased the price of its electric vehicles as startups like Rivian and Lucid saw price hikes while Tesla also raised the prices on its vehicles this year.

The price increase on Ford’s 2023 F-150 Lightning comes ahead of orders reopening this Thursday after they’d previously been closed following over 200,000 truck reservations last year. With news of price increases reaching potential customers, it’ll be interesting to see whether there will be fewer orders than last year.

Two Ford F-150 Lightning EVs shown facing one another, one silver the other navy blue, with an electric windmill background.
© Ford, MotorTrend

With all that being said, we’re curious to hear your thoughts. Are you surprised to hear that Ford is raising the prices of EVs like the F-150 Lightning? Let us know in Chatty! For more EV news, be sure to read through some of our previous coverage including how Elon Musk claims Tesla’s Cybertruck will be available by mid-2023, and how Rivian still expects to build 25,000 EVs in 2022.

Senior Editor

Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99... and all games in general. But mostly Tetris. You can follow Morgan on Twitter @Author_MShaver.

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