Ford Motor is raising the price of its base F-150 pickup truck by $5,000 as the automaker seeks to offset rising manufacturing costs.
Ford said on Wednesday that starting October 24, the F-150 Lightning Pro will cost $51,974. he isWhereas earlier in the year the base model was priced at $39,974. A Ford spokesperson told CBS News that the price increase is due to “ongoing supply-chain constraints, rising material costs and other market factors.”
Other trim levels for the F-150 Lightning will be priced similarly. A Ford spokesperson said the new price will not affect customers who have already pre-ordered the truck.
Other automakers have also increased the cost of their electric vehicle lines this year. Rivian, GM andbetween flying and higher costs for components such as lithium, which is used to make batteries.
Rising demand is also driving up EV prices. A recent survey by Motor Club AAA found that nearly a quarter of Americans say they want to get an electric vehicle as their next car purchase. Research by Recurrent, a car industry analysis company, found that interest in buying electric vehicles has increased by 70% since January.
Ford has seen rapid growth in its EV demand among trucks and vans, said Andrew Frick, Ford’s vice president of sales, in a company report Tuesday. According to the monthly sales report, the company sold over 18,000 electric vehicles between July and September.
Ford, which is set to report third-quarter earnings later this month, began manufacturing the Lightning in April and delivered its first batch of vehicles in June. The company has since sold 8,760 of them.
Ford’s stock closed up nearly 1% on Wall Street on Wednesday at $12.50 a share.