Price Hike Means 2023 Lightning EV Starts Near $50,000

Ford will increase the price of its all-electric F-150 Lightning truck by as much as $8,500 for the 2023 model year, the automaker announced on Tuesday. The price hike affects all trim levels by at least $6,000 compared to similarly equipped 2022 models. As a result, the base price of the Lightning Pro work truck, the most affordable version, rises from $41,769 to $48,769 including destination fees.

Which versions of the F-150 Lightning are affected?

Ford is raising the price of every Lightning model, beginning with the Pro and continuing with the standard-range XLT ($61,269), XLT High ($70,269) and Lariat ($76,269). Ford says the 2023 versions of these trucks should carry an EPA-estimated range of around 240 miles, compared to the 230-mile EPA estimate from last year.

The price of extended-range variants also increases, affecting the XLT High ($82,769), Lariat ($87,769) and Platinum ($98,669) trims. Estimated range for these models should stay the same, at 320 miles.

Even though the F-150 Lightning is pretty pricey, it's still a bargain compared to other electric pickups. For example, the Rivian R1T — our Edmunds Top Rated Editors' Choice Award winner for 2022 — is priced from $79,500 after a price increase of its own earlier this year. And the GMC Hummer EV adds a new lower-priced trim this fall, but it still starts above $100,000.

Why is the price of the F-150 Lightning increasing?

Ford pointed to "significant material cost increases and other factors" as the reason for the price hikes. Other automakers have recently raised prices for their own electric vehicles based on the same rationale.

Earlier this summer Tesla announced price increases across its model range of up to $6,000 per vehicle. Meanwhile, General Motors raised the price of its GMC Hummer EV by $6,250 moving forward. And the F-150 Lightning isn't the only Ford model to feel the sting — throughout the year, Ford has closed order books for a number of its most popular vehicles as it navigates supply shortages.

Edmunds says

The F-150 Lightning felt like a steal in the low $40,000s. Now, at nearly $50,000 for a bare-bones work truck and $100,000 for top trims, it's less appealing. The price range is still more attainable than the Rivian R1T or GMC Hummer EV, but we're eager to put a Lightning through our testing process to determine its true real-world value.