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Sticker Shock: Ford Lifts Price Tag on 2023 F-150 Lightning Pro, Again

Those waiting to get their hands on Ford's all-electric F-150 Lightning aren’t just going to have to wait longer. They’re going to have to pay more.

Those waiting to get their hands on Ford's  (F) - Get Free Report wildly popular all-electric F-150 Lightning aren’t just going to have to wait longer for the privilege: they’re going to have to pay more for it.

For the second time in less than two months, Ford on Wednesday raised the price tag on the 2023 F-150 Lightning Pro to $51,974, a cool $10,000 above the initial price tag the carmaker announced for the model in April. 

The increase is expected to affect only the Pro, its most affordable trim level, the company said. Customers who have current orders with Ford won’t be affected by the price increase.

Issues familiar to those looking for new vehicles are the reason for the price increase: supply chain problems that have made parts, specifically all-important chips, and other pieces that go into vehicles more difficult and expensive to come by.

Additional problems like a tight labor market and transitioning its factories to making electric vehicles also has made it more expensive for carmakers like Ford to produce all cars, not just EVs.

Second Price Hike Since August

Ford raised prices for all models of its F-150 Lightning truck in early August, less than four months after it began shipping the pickup to dealerships. At that time, the price for the F-150 Lightning Pro was $46,974.

In April, the company said the truck’s price would start at around $40,000, making it more affordable than many competitors and about the same price at the time as the Cybertruck by Tesla  (TSLA) - Get Free Report, which is currently in pole position in the U.S. when it comes to electric-vehicle sales.

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Ford’s new plug-in truck is a battery-powered version of the F-150 pickup, which has been America’s bestselling vehicle for decades.

Auto makers including Tesla and General Motors have also been raising prices on certain electric vehicles, as they look to offset the higher costs of raw materials used in their batteries.

Ford like other major automakers is banking its future longevity on cranking out electric vehicles -- approximately 2 million of them by the end of 2026. Ford CEO Jim Farley has pledged to spend $50 billion developing electric vehicles, which are expected to account for more than half of its sales by 2030.

EV Recalls Aren't Discouraging Buyers 

Meanwhile, manufacturer recalls of electric vehicles aren't discouraging consumers from continuing to buy EVs as sales continue to rise.

Tesla in February recalled 817,000 vehicles because a seatbelt warning might not work properly, and on Sept. 19, Tesla recalled 1.1 million EVs because the power windows may close too fast and could pinch a driver or passengers. 

The earlier recall hasn't affected Tesla sales, and the latest one mostly likely won't hurt either.

Ford in June issued a safety recall on 48,924 of its Mustang Mach-E electric vehicles for a software update to prevent overheating of the vehicles' high-voltage battery main contactors. 

The issue can cause an overheated relay switch to open while driving and result in a loss of motive power, which can increase the risk of an accident. Ford had not issued instructions to stop driving the Mustang Mach-E under the recall.