Ford raises price of electric F-150 Lightning by up to $8,500 due to ‘significant material cost increases’

Ford F-150 Lightning trucks manufactured at the Rouge Electric Vehicle Center in Dearborn Michigan.

Ford said it is increasing the prices of its electric F-150 Lightning pickup due to material cost increases and other factors.

Customers who have ordered a vehicle and are waiting for it to be delivered will not be affected by the price increases. Some reservation holders who haven't ordered a truck will be impacted.

The starting price for the F-150 is going to range from $47,000 to $97,000, up from $40,000 to $92,000 for the next model year. Taxes and shipping/ delivery costs are not included in prices.

Ford is increasing the price of its newest electric vehicle due to rising inflation. General GM raised the price of its Hummer EV pickup by $6,250, while EV startup Rivian raised the cost of their vehicles substantially more than that. Pricing on its vehicles has increased.

According to a recent report by AlixPartners, the cost of raw material for electric vehicles more than doubled during the coronaviruses epidemic.

Ahead of the reopening of the F-150, Ford is increasing prices. After receiving more than 200,000 reservations for the truck, the company decided to close orders for the vehicle.

Customers may have to wait for a new truck after placing an order. Ford has only sold a small amount of vehicles. New orders will be delivered this fall, according to a spokeswoman for the company.

The electric range of F-150 Lightning models with a standard battery is expected to increase by 10 miles to 120 miles. The trucks have a range of up to 320 miles.