Ford Motor Co. will reopen its banks of orders this week exclusive to reservation holders for the all-electric F-150 Lightning pickup truck. With that trick comes slightly longer battery life and a higher sticker price for the 2023 model year.
Citing “significant increases in the cost of materials and other factors,” the automaker said in a press release this would increase the manufacturer’s suggested retail price on the Lightning from this wave of orders. The base model of the truck will increase by $7,000, or 17.5 percent, to just under $47,000. Customers who already have an order on the books will not be impacted.
Ford
F,
is not alone. Faced with rising commodity prices
PL00,
and chip shortages As the world recovers from the worst of the COVID-19 shutdown, many electric vehicle manufacturers have raised prices for certain models.
Ford released first-quarter results in April in line with Wall Street expectations, saying strong demand for its vehicles was tempered by “persistent” supply chain challenges which reduced the automaker’s ability to fulfill its orders.
Ford’s stock is down 26% so far in 2022, but remains up 9% from its August 2021 level. The S&P 500
SPX,
is down 13% since the start of the year.
Ford start of production Lightning in April, a version of its already best-selling F-150. Electric vehicle market watchers were excited about the launch, anticipating strong demand on construction sites, farms and ranches, and for personal use, especially because the vehicle can act as a backup power generator . Ford has sold 4,400 trucks since the start of the year.
The automaker said at the time of launch that it expected demand to exceed its initial production capacity. He capped reservations at 200,000 and decided to increase capacity at the Rouge Electric Vehicle Center in Dearborn. Michigan, to 150,000 units per year by next year.
To date, the Lightning’s starting price was $39,974, excluding destination charges, which all manufacturers charge vehicles when they move from production to dealerships. The suggested prices announced this week, excluding destination charges, are:
-
$46,974 for the F-150 Lightning Pro
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$59,474 for the XLT
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$68,474 for the XLT High
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$80,974 for XLT High/Extended range
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$74,474 for the Lariat
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$85,974 for the extended Lariat range
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$96,874 for the extended Platinum range
Ford also announced that standard-range battery models in trucks have been boosted to an EPA-estimated target of 240 miles, up from 230.
Other features received an upgrade. Ford Adds Pro Trailer Hitch Assist Technology to 2023 Model Year Lightning; it automatically controls steering, throttle and brake inputs for easier trailer hitching. Ford is also introducing a Lightning Pro specifically designed for police departments in the 2023 model year.
Around the industry, price increases have already appeared or will soon appear.
General Motors Co.
GM,
increased the price of its GMC Hummer EV pickup truck and SUV by $6,250 effective June 18.
And the Tesla 2023
TSLA,
The Cybertruck’s price will be higher than announced more than three years ago due to rising hardware and production costs, Elon Musk told investors on Friday. The offering is expected to go on sale as early as the middle of next year.
“Cybertruck pricing, it was unveiled in 2019, and the reservation was $99. A lot has changed since then, so specs and pricing will be different,” Musk told investors, Inside electric vehicles reported.
When revealed in late 2019, Tesla offered a starting price of $39,900 for an entry-level single-motor Cybertruck, with more expensive two- and three-motor variants. Tesla removed Cybertruck prices from its website in 2021.
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