It's Ford's way or the highway.
Built Ford Rough
Tesla’s Cybertruck isn’t the only EV truck that just got a price hike: now, Ford says the fully electric model of its flagship pickup, the F-150 Lightning, is also going to get a substantial price hike, too.
The latest versions of the truck will now cost about $47,000 for a base model, and $97,000 for the premium trim. That's an increase of anywhere between $6,000 to $8,500, depending on the model.
Officially, Ford is putting the blame on "significant material cost increases and other factors," according to CNBC.
Indeed, the cost of EV batteries in particular have gone through the roof as shortages of necessary raw materials like lithium and nickel drag on.
In general, the cost of all vehicles — not just EVs — has gone up since the beginning of the COVID-19 pandemic, exacerbated by an ongoing shortage of microchips, which are necessary to control everything from a car’s infotainment system to its powered windows.
Still, even when you consider those mitigating factors, going from $40,000 to $47,000 as a starting price is pretty damn steep, and customers won’t be happy.
Incidentally, a new piece of legislation called the Inflation Reduction Act was recently passed by the Senate that would give consumers up to $7,500 in tax credits to buy EVs. Although, in its current wording that the auto industry has complained is too restrictive, the lower trims of the Ford F-150 Lightning may not qualify, according to Consumer Reports.
Regardless, it seems pretty convenient to jack prices up when the federal government looks poised to give tax incentives to consumers buying your truck.
Is this an instance of Ford legitimately adjusting costs to inflation and hiccups in the supply chain, or is this just another case of corporate greed? Either way, the price increase doesn’t bode well for those looking to buy an EV in the future, with or without tax incentives.