CNBC headline: Ford hikes price of electric Mustang Mach-E by as much as $8,475 due to ‘significant’ battery cost increases
PUBLISHED FRI, AUG 26 202210:59 AM EDTUPDATED 2 HOURS AGO
Ford Motor is hiking the starting prices of its electric Mustang Mach-E crossover by more than $8,000 for some models.
The increased prices will go into effect for new orders placed starting Tuesday, when order banks reopen for the 2023 model year.
Ford said the markups are due to “significant” material cost increases, continued supply chain strains and market conditions.
The starting prices for the 2023 Mustang Mach-E will now range from about $47,000 to $70,000, up from roughly $44,000 to $62,000 for the 2022 model year. Prices exclude taxes and shipping/delivery costs.
Ford earlier this month also raised the starting prices of its electric F-150 Lightning pickup by between $6,000 and $8,500, depending on the model. The automaker cited similar reasons for those increases, specifically related to raw materials such as lithium, cobalt and nickel that are used in batteries for the vehicles.