DETROIT — Ford Motor is growing the beginning value of its electrical F-150 Lightning pickup by $5,000 for the 2023 mannequin yr, citing rising prices and provide chain points.

The brand new value of the 2023 Lightning Professional, an entry-level mannequin meant for business and enterprise clients, shall be $51,974 — up almost 11% from earlier pricing and a 30% enhance from the unique $39,974 value in Might 2021.

In an emailed assertion, Ford mentioned it’s adjusting the value “as a result of ongoing provide chain constraints, rising materials prices and different market elements. We are going to proceed to observe pricing throughout the mannequin yr.”

Present retail order holders and business and authorities clients with a scheduled order shall be unaffected by the value enhance, the corporate mentioned.

Ford made waves when it introduced the beginning value for the Lightning can be about $40,000, making it extra inexpensive than many EVs in the marketplace. Wall Avenue praised the automobile, and it was a significant increase for the corporate at the moment, as buyers have been concentrating on EV start-ups.

However essential uncooked materials prices reminiscent of cobalt, nickel and lithium have greater than doubled through the coronavirus pandemic, in keeping with a report from AlixPartners this summer season.

The associated fee will increase and different provide chain issues, which Ford estimated would lead to $1 billion in surprising prices through the third quarter, have compelled automakers to extend EV costs to retain earnings.

Lower than two months in the past, Ford introduced value will increase of between $6,000 and $8,500 on the Lightning, relying on the mannequin.

The beginning costs for the 2023 F-150 Lightning will now vary from about $52,000 to $97,000, up from roughly $40,000 to $92,000 for the 2022 mannequin yr. Costs exclude taxes and transport and supply prices.