Ford raised the base price of its F-150 Lightning electric pickup truck Aug. 9 following the passing of a bill by Senate Democrats that included a $7,500 federal electric vehicle tax credit.
The base model of the 2023 F-150 Lightning pickup will now cost $47,000, up from it’s original price of $40,000, according to CNN. More expensive models, such as the XLT High/Extended Range and the Lariat Extended Range have increased in price by $8,500, while other F-150 Lightning designs vary between $6,000 to $7,000 in price increases, according to the Detroit Free Press.
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The price change was attributed to “significant material cost increases and other factors,” CNN noted. Despite the changes, the increase will not impact those currently waiting for delivery of their vehicles, but impacts those who have reserved but not yet ordered the truck, CNBC reported.
With eligibility and tax credit rules preparing to change under new legislation, including the passage of the Inflation Reduction Act, certain modules of the vehicle may qualify for the credit this year, according to Consumer Reports. It is unclear if the truck will be eligible in the future, according to CNN. (RELATED: Granholm Defends Inflation Bill By Explaining How Americans Can Spend More Money On Their Homes)
The electric trucks only have a range of 230 to 320 miles depending on the model, a moderate increase of 10 miles to the company’s standard battery, CNBC continued. Ford is far from the only company raising the price for their electric vehicle range; with General Motors recently announcing an increase in the price of its electric model of the GMC Hummer by $6,250, CNN reported.