With rising costs for raw materials, Ford Motor Co. announced on Tuesday that it would increase the price of its electric F-150 Lightning truck. The price rise for the 2023 F-150 Lightning, according to the company, would range between $6,000 and $8,500 depending on the version, with the least expensive Pro model now costing around $47,000.
The price increase won’t affect truck orderers who are waiting for delivery, according to Ford. Based in Dearborn, Michigan Ford stated last month that it anticipated a $4 billion increase in commodity costs this year and would make up the difference by boosting prices.
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Prices of raw materials, such the lithium used in batteries, have recently increased as automakers, like Rivian Automotive Inc. (RIVN.O) and Tesla Inc. (TSLA.O), have rushed to secure supplies to prevent production interruptions. In order to offset rising material and transportation costs, General Motors Co(GM.N) upped the price of its Hummer EV pickup truck earlier in June.