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Ford announces price increase as it takes more orders from reservation holders for F-150 Lighting EV

Posted at 6:11 PM, Aug 10, 2022
and last updated 2022-08-10 18:11:12-04

SOUTHFIELD, Mich. (WXYZ) — Call it a Lightning price shock. If you are a reservation holder waiting for the chance to order an electric Ford F150 Lighting, expect to pay more than you were told when you made your reservation.

Ford this week announced it is increasing the price between $6000 and $8500 per truck. The new starting price is $46,974.

“Ford is adjusting the MSRP on the F-150 Lightning for the first time since it was revealed in May 2021 and has honored MSRP for all customer orders to date. Due to significant material cost increases and other factors, Ford has adjusted MSRP starting with the opening of the next wave of F-150 Lightning orders,” said Ford in a press release.

“What we can see with EV is that demand has surpassed supply more than expected in 2021 and commodity prices are catching up,” said Arun Kumar, AlixPartners Managing Director.

Kumar said the combination of global supply chain disruptions caused by the War in Ukraine and COVID-19 have created challenges as numerous automakers ramp up production of electric vehicles.

“The main reason EVs are going up is lithium. It is more expensive for manufacturers to purchase,” said Joshua Prieto, Avis Ford Digital Sales Consultant.

Prieto has been answering calls about buying an electric Lightning and the price at the Southfield dealership.

He says the dealership has about 160 people waiting to place an order for a Lightning EV. Many of them are about to get a chance to order. Ford also announced it is reopening order banks on Thursday this week for a number of people with order reservations. Prieto says the price increase might cause some to cancel orders, but he expects it instead to perhaps change the trim package chosen.

“I can say, from my end, a lot of my customers expected it,” said Prieto.

Prieto says many customers have pointed out the price is below competing electric vehicle prices. Other EV manufacturers recently increased prices, following the inflationary trend we have seen across much of the economy.

“With the price that it is you are getting America’s top-selling truck and you can’t beat it,” said Prieto.

Ford at one point said it had 200,000 reservations for the 2022 F150 Lightning EV before it stopped taking reservations. Many of those will be converted to 2023 reservations. The first customer deliveries began in May with over 4,400 sold year to date, Ford says.