Ford has increased the price on its popular Ford F-150 Lightning electric pickup truck, upping the base model pricing to $56,000, the third change this year.
"We adjust pricing as a normal course of business due to rising material costs, market factors, and ongoing supply chain constraints," Ford tells PCMag. "Demand for this breakthrough product continues to be strong and we will continue to monitor pricing throughout the model year."
The base model, the F-150 Lightning Pro, is now 40% more expensive than it was when Ford officially started taking orders for it in January 2022. The vehicle went from $40,000 at launch to $47,000 in August and then $52,000 in October. It's now $55,974.
One step up is the XLT trim, which is up 16% since launch. It started at $54,669, which Ford upped to $59,474 in August, and the most recent adjustment puts it at $63,474. After the XLT trim, the more premium Lariat and Platinum trims start at $74,474 and $96,874, respectively.
The new prices go into effect for orders placed since Ford re-opened retail reservations on Dec. 15, but do not affect previous orders still awaiting vehicle delivery. Ford is set to reopen orders again shortly for commercial customers, but was unable to share the specific date at this time.
EV car manufacturing is an expensive undertaking. Lithium and nickel prices have fluctuated throughout the year, but are now increasing beyond the average inflation rate of 7%. Nickel is up 42% from last year and lithium almost 140%, in part due to the global rise in demand for EV batteries.
That's showing up in EV sticker prices, but the F-150 Lightning price hikes don't seem to be deterring customers. Sales have increased throughout the year as more and more customers receive their pre-orders and rave reviews roll in, including a PCMag Editors' Choice award.
Ford recently added a third shift at its Michigan plant and is expanding its Rouge Electric Vehicle Center to "build every Lightning possible," it says. The goal is to increase production to 150,000 F-150 Lightning pickups per year beginning next fall—more than triple its initial expectation to build 40,000 per year.
At the same time, concerns about the vehicle's inability to live up to its promised towing power have raised flags about whether battery-powered pickup trucks can be a full replacement for their gas-powered counterparts. If the price continues to rise, the cost-benefit analysis may make the difference between someone choosing to go electric or stick with the tried and true, gas-powered Ford F-150 (America's best selling gas-powered truck).
But for those looking for an EV pickup truck, the Ford F-150 Lightning is still the cheapest option compared to competitors like Rivian and GMC's upcoming Sierra EV Pickup Truck, both of which run over $100,000.
Editors' Note: This story was updated with comment from Ford.