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Ford Increases F-150 Lightning Pick-Up Price

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Ford Motors (F) said on Tuesday that it was raising the starting prices of its electric F-150 Lightning pickup as a result of "significant material cost increases and other factors."

The Detroit automaker said the price increases, expected between $6,000 and $8,500, depending on the model, will not impact customers who have ordered a vehicle and are awaiting its delivery. The price hike will affect an undisclosed number of reservation holders who are yet to order the vehicle.

The starting prices for the 2023 F-150 Lightning will now range from about $47,000 to $97,000, up from the earlier $40,000 to $92,000 for the 2022 model year. The prices exclude taxes and shipping/delivery costs.

Ford is the latest automaker to increase pricing of their newest electric vehicles amid rising inflation and commodity costs. General Motors recently raised the price of its Hummer EV pickup by $6,250, while EV start-ups Rivian Automotive and Lucid increased the costs of their vehicles significantly more.

As per a report of consulting and research firm AlixPartners, raw material costs for electric vehicles more than doubled during the coronavirus pandemic.

Ford's pricing increases come ahead of the automaker on Thursday reopening ordering for the F-150 Lightning. The company had late last year announced the stopping of taking orders for the vehicle after receiving more than 200,000 nonbinding reservations for the truck.

It's unclear how long customers will have to wait for a new truck after they place an order. Ford has only sold about 4,400 vehicles since beginning deliveries in May. A spokeswoman for the company said deliveries of new orders are scheduled to begin this fall.

Starting this fall, Ford on Tuesday also said the electric range of F-150 Lightning models with a standard battery is expected to increase by 10 miles to 240 miles. Trucks with a larger battery have a range of up to 320 miles.

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