Traditional automakers are facing increasing cost pressures while observing Tesla's declining prices in the electric vehicle market. Meanwhile, EV competitors are not only failing to follow suit, but are raising prices themselves, leading to a shift in the competitive landscape in the EV segment.
In 2021, Ford launched their all-electric pickup truck, the F-150 Lightning, with the cheapest Pro model priced at US$39,974. However, due to four price hikes, the current retail price for the Pro ranges from US$55,975 to $59,974 with an additional shipping fee of $1,895—a staggering price increase of $20,000 in only two years.
Apart from the entry-level Pro model, all other F-150 Lightning models, including the XLT, Lariat, and Platinum, have undergone significant price increases of around US$10,000. The top-tier Platinum version has already surged to US$99,969 and is almost hitting the US$100,000 mark, placing it at a comparable price range with the Tesla Model XF-150 Lightning.
The F-150 Lightning is arguably one of the most popular EVs on today’s market in recent years, with pre-orders only trailing the Tesla Cybertruck. However, Ford's inability to keep up with production has resulted in escalating prices. Furthermore, other rivals in the market, like the Rivian RT1, Hummer EV, and Cybertruck, are also grappling with production issues of their own. As a result, Americans aspiring to purchase an EV pickup will have to do a bit more saving up.
Ford has announced significant layoffs to counteract increasing expenses, but there appears to be no marked change in the F-150 Lightning's price. Additionally, the company was forced to halt production and issue a recall following a string of battery fires, further straining their production capacity. Currently, Ford dealers have suspended accepting orders altogether. Based on prior pre-order numbers and production volume, it is probable that Ford will require around a year and a half to fulfill their existing pre-orders.
(Image Source: Ford)