Nearly nine months after it stopped taking reservations, Ford is ready to reopen the order banks for the F-150 Lightning. But buyers beware: the price for the electric truck has gone up by around $7,000 across all trim levels.
Ford is citing “significant material cost increases and other factors” as the primary reason for raising the price. Indeed, the F-150 Lightning is only the latest electric vehicle to see its price go up as a result of supply chain constraints, inflation, and greater demand for batteries and other components.
“Significant material cost increases and other factors”
Ford said it will honor the original manufacturer suggested retail price (MSRP) for all current order holders. But anyone plunking down the $100 deposit starting Thursday, when reservations reopen, will have to pay the newly adjusted price.
“Current order holders awaiting delivery are not impacted by these price adjustments,” Marin Gjaja, chief customer officer, Model E, said in a statement. “We’ve announced pricing ahead of re-opening order banks so our reservation holders can make an informed decision around ordering a Lightning.”
Here’s a breakdown of the new prices:
Pro old price: $39,974; new price: $46,974
XLT old price: $52,974; new price: $59,474
XLT High old price $62,474 (est.); new price: $68,474
XLT High / Extended Range old price: $73,974; new price: $80,974
Lariat old price: $67,074; new price: $74,474
Lariat Extended Range old price: $77,074; new price: $85,974
Platinum Extended Range old price: $92,669; new price: $96,874
Price increases suck, but Ford is trying to sweeten the pot by offering a few new features and a range boost. The automaker said it increased the EPA estimated range of its standard range battery back by 10 miles for a total of 250 miles. It’s also adding its Pro Trailer Hitch Assist technology, which pretty much automatically hooks up a trailer for you, as an added bonus.
Price increases suck
And if you think that the $7,500 federal EV tax credit might help take some of the sting out of these price increases, think again. Under the deal constructed by Senate Democrats, the Ford F-150 Lightning would not be eligible for the tax credit until at least 40 percent of its components — including the battery — are made in North America or by a US trading partner.
Ford currently sources its batteries from South Korea’s SK Innovation which builds them at a facility in Georgia. The company plans on shifting to lithium iron phosphate batteries (LFP) made by China’s Contemporary Amperex Technology (CATL) for the Mach-E in 2023 and the F-150 Lightning in 2024.
Update August 9th 1:09PM ET: Updated to note that F-150 Lightning order holders, not reservation holders, will not be affected by the price increase. Additionally, Ford sources its batteries from SK Innovation in Georgia, and will shift to packs made by CATL in 2024. A previous version of this story stated those facts incorrectly.