Ford Motor Co (F.N) said on Tuesday it would raise the prices of its electric F-150 Lightning pickup as the U.S. carmaker deals with surging raw material costs.
The automaker said prices for its 2023 F-150 lightning will be increased in the range of $6,000 and $8,500 depending on the variant, with the cheapest Pro model now priced at about $47,000.
Customers who have ordered the truck and awaiting delivery will not be impacted by the price hike, Ford added.
Dearborn, Michigan-based Ford said last month it was expecting commodity costs to rise by $4 billion this year and that it would offset them by raising prices.
Prices of raw materials such as lithium used in batteries have jumped of late as car companies, including the likes of Elon Musk’s Tesla Inc (TSLA.O) and EV pickup maker Rivian Automotive Inc (RIVN.O), rush to secure supplies to avoid disruptions to production.
Earlier in June, General Motors Co(GM.N) raised prices of its Hummer EV pickup truck to mitigate higher commodity and shipping costs.