“We have announced pricing ahead of the reopening of order banks so that our reservation holders can make an informed decision about ordering a Lightning,” Marin Gjaja, chief customer officer for Ford’s electric vehicle division, known as Model e, said in a statement.
Other automakers have also increased the prices of their electric cars. Tesla has increased the price of its Model 3 and Model Y by thousands of dollars in recent months, with the cars now starting at around $47,000 and $66,000.
All car prices, including conventional gasoline models, have risen due to a shortage of computer chips that prevented manufacturers from producing as many vehicles as consumers want to buy. The price of electric vehicles has also risen as the supply of materials needed to make batteries has failed to keep up with burgeoning demand. The cost of raw materials has also been impacted by disruptions caused by the coronavirus pandemic and the Russian war in Ukraine. Ford executives said in July that the company expected material costs to increase by about $4 billion this year.
The climate and health care bill known as the Inflation Reduction Act and being passed through Congress could help make electric vehicles more affordable by offering buyers tax credits. But many current models, such as the F-150 Lightning, may not qualify because the bill requires a certain percentage of a car’s battery in North America to be made with materials from allies. To remain eligible for the tax benefit, the percentage would have to increase each year.