Ford hikes starting price of its electric F-150 Lightning pickup for second time in less than two months

Ford F-150 Lightning pickup trucks are shown at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan. 

Ford is increasing the starting price of its electric F-150 Lightning pickup by $5,000 due to rising costs and supply chain issues

The new price of the Lightning Pro, an entry-level model meant for commercial and business customers, will be more than double the price of the previous model.

Ford said in an email that it is adjusting the price due to ongoing supply chain constraints. Pricing will be monitored across the model year.

The company said current retail order holders and commercial and government customers won't be affected by the price increase.

The starting price of the Ford Lightning is more affordable than many other EV's. It was a big boost for the company when Wall Street praised the vehicle, as investors were focused on EV start-ups.

According to a report from AlixPartners, critical raw material costs have more than doubled during the coronaviruses epidemic.

The cost increases and other supply chain problems, which Ford estimated would result in $1 billion in unforeseen costs during the third quarter, have forced automakers to increase EV prices.

Ford announced price increases of between $6,000 and $8,500 on the Lightning in less than two months.

The starting price for the F-150 is going to range from $52,000 to $97,000, up from $40,000 to $92,000. Taxes and shipping costs are not included in prices.