Ford Motor Co. has raised the price of the cheapest variant of its F-150 Lightning electric truck 9 percent to $55,974, the company’s website showed on Thursday.
The automaker has raised prices for its electric pickup trucks twice in three months, as it navigates higher costs and supply chain snags.
Automakers across the globe, including Tesla and Rivian are also struggling with higher prices of raw materials such as lithium and have warned high costs were here to stay.
Ford, which previously said it was targeting annual production of 150,000 Lightning pickups by the fall of 2023, did not immediately respond to a Reuters request for a comment on the price hike.
The company’s shares were down about 3.5 percent in afternoon trade amid declines in the broader market.
