Ford Motor Corporation has recently increased the price of its popular electric pickup car, which is the F-150 Lightning. The company officials revealed that the recent increase in price is because of the price hike in critical raw materials.
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It is the fourth time that the company has increased the price of its F-150 Lightning electric pickup truck. Earlier, the price was adjusted in August, October, and December of 2022.
The price hike of the particular versions of the F-105 Lightning pickup truck is done amid its unexpectedly high demand.
Earlier, Ford Motor Corporation had halted the production of its F-150 lightning electric pickup truck, When the F-150 electric truck battery caught fire during a delivery inspection. The accident had taken place in Dearborn, Michigan. Later, the company inspected and found the defect in the battery cell. This is the first time the company has increased the price of F-150 electric pickup after the resumption of production.
A week ago, Ford also revealed that its electric vehicle business is expecting a loss of $3 billion by this year, but it is on track to achieve a margin of 8% by late 2026.
Ford’s move of increasing the price of electric pickup trucks can be good news for other electric pickup manufacturers.
One of the competitors is the Chevrolet Silverado, its price is estimated to start at $39,000 and is expected to be available in the summer of 2024. Another competitor is RAM 1500 electric pickup, and its price is estimated to start around $58,000, but RAM electric pickup truck is not out for sale yet.
The price increase of the F-150 electric pickup truck is aimed to offset the cost according to the increased price of cobalt, nickel, and lithium. All these materials are critical in the manufacturing of electric vehicle batteries.
In general, the electric vehicle battery cell contains 15.7 percent Nickel, 4.3 percent Cobalt, 3.2 percent Lithium, and all other materials.
Ford has increased the price of the F-150 Lightning multiple times, citing the price increase of its critical raw material.
The company has increased the price of the standard model, which is Lightning pro, to $59,974. It is almost 50% increased from its launch price. The mid-range model – Lightning Lariat – price is increased by $1500 and is currently priced at $75,974. The high-range model – Lightning Platinum – price is increased by $1200, and is currently priced at $98,074.
The latest updated price for the models of F-150 Lightning is as follows
| F-150 Lightning Model | Price (Before Taxes) |
|---|---|
| Lightning Pro | $59,974 |
| Lightning XLT | $63,474 |
| Lightning LARIAT | $75,974 |
| Lightning Platinum | $98,074 |
Due to the increase in the price of raw materials of EV batteries, Ford has increased the price of its F-150 Lightning electric pickup truck, whereas other electric car makers have slashed the price of EVs and given heavy discounts.
The EV market is already facing a price war to make EVs more affordable, and on the other hand, raw material prices are fluctuating. However, the EV market is experiencing an increase in the demand for electric pickup, which is a good sign.
Following are some questions and answers, that people also ask about the F-150 Lightning Electric truck.
F-150 Lightning electric pickup is available in four different models. The driving range for the standard model – Lightning Pro – is approximately 240 miles – 387 km. The driving range for the Premium model is approximately 300 miles – 482 km, whereas XLT and LARIAT deliver a driving range of approximately 320 miles – 515 km on a single battery charge.
Yes. All the Ford F-150 Lightning models provide four-wheel drive.
Ford F-150 Lightning’s price is increased due to the high cost of its critical raw materials. Because of that, the F-150 Lightning price is higher compared to its competitors.
Ford F-150 Lightning Electric goes from 0 to 60 miles per second, in 4 seconds. Almost all the models of the Lightning reach to 60 mph in less or equal to 4 seconds.
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