Ford Is Raising The Prices On Its Best Truck, Again
Ford's 2023 F-150 Lightning pickup will be $51,974, an increase of 11% from last year's model.
Automotive Giant Ford is increasing the price of its trucks. Again. Ford Motor has raised the starting price of its electric F-150 Lightning pickup by $5,000 for next year’s (2023) model. This truck is an entry-level model designed for commercial use.
The price of the 2023 F-150 Lightening pickup will be $51,974, an increase of nearly 11% from this year’s model and a 30% increase from 2021. Any pickups that have been pre-ordered before the price increase will have the cost they originally paid honored.
Ford states that this price hike is due to rising costs of living, the price increase in materials, and supply chain issues. They noted that the pricing would be monitored continuously throughout the year to reflect our current times.
Ford, who has been going from strength to strength under its new CEO, made the headlines in the automotive circuit when it announced the release of the Lightening pickup. Its original price started at $40,000, making it the most affordable electric truck on the market.
To Ford’s elation, Wall Street heaped praise on the vehicle, and it was a massive enhancement for the company’s investment as EV start-ups are a hot topic at the moment.
Over the last number of years, Ford has had a troublesome time. With very little excitement surrounding their new releases and their stock dropping steadily due to bad investments from a series of different CEOs, their title as big automotive players was in jeopardy.
But since their new CEO arrived last year and a range of new and exciting cars and automobiles, Ford has become the one to watch. This enthusiasm has been reflected in their stock on Wall Street.
Unfortunately, nothing good lasts forever; trouble hit the company when some of its raw materials, such as cobalt, nickel, and lithium, were hard to source and when they managed to source them, the price doubled. Over the last several months, this problem with sourcing materials and their increased price has been repeatedly seen with different companies. It is something every business globally has been battling since the COVID-19 pandemic.
With these increases in costs and problems with sourcing materials, Ford pre-released its third-quarter earnings report. Within the report, they warned investors of an estimated $1 billion in unexpected expenses arising from the volatile markets in which we do business today. Due to this crazy number of unforeseen costs, Ford naturally had to increase prices to target some of its new-found debt.
Since the release of its earnings report, Ford’s share prices on Wall Street have dropped 23%, something the company would have foreseen.The price range of the 2023 model F-150 Ford Lightning EV is $52,000 to $97,000, excluding taxes, shipping, and delivery costs.
Ford, along with many small and multi-national businesses, has been struggling with wave after wave of problems since the global pandemic in 2020. To bring out technology so advanced at what began as a low, affordable cost must have been a proud moment for the struggling company; it is a shame that the volatility of the markets led to several price increases and basically rained on their parade.
