DETROIT, Mich. (WTVO) — Ford has announced it will be raising the price of its electric Mustang Mach-E by up to $8,000 for some 2023 models, citing an increase in the cost of battery production.
On Thursday, Ford said the markups could run between $3,000 and $8,000 depending on the battery size and model, due to “significant material cost increases, continued strain on key supply chains, and rapidly evolving market conditions,” according to CNBC.
The price of the 2023 Mach-E will go from a range of $44,000 – $62,000 to $47,000 – $70,000.
Ford also raised prices on its brand new electric F-150 Lightning pickup between $6,000 and $8,500.
The automaker said increases in raw materials such as lithium, cobalt, and nickel, accounted for the price adjustment.
Ford said the new pricing structure will go into effect on Tuesday when its 2023 online configurator opens.
Ford said as partial compensation for the increase, it will aid its Co-Pilot360 driver assistance package as a standard feature throughout all trim levels. The Co-Pilot360 package adds collision assistance, blind spot monitoring, lane-keeping assistance, and auto high beams.