DETROIT (WWJ) -- The price of just about everything is going up these days, and vehicles are not immune.
Ford Motor Co. announced Tuesday that the cost of its new electric F-150 Lightning pickup truck will rise anywhere from $6,000 to $8,500 per vehicle.
WWJ Auto Analyst John McElroy called the news "a stunner," saying that while he knew that the price would go up, due to a hike in the cost of raw materials, he had no idea it would be that much.
"This is a gigantic increase! I mean, I remember when cars cost less than than how much they're raising the price," said WWJ Auto Analyst John McElroy. "But, you know, there's no question that raw material prices are going up."
He said making electric vehicles is expensive - and automakers are still anywhere from two to four years away from being able to bring the cost of production down.
"Ford's competitors like Rivian and General Motors have really increased the prices of their electric, too. And so if Ford does not raise its price it's leaving a lot of money on the table."
McElroy said making electric vehicles is expensive - and automakers are still anywhere from two to four years away from being able to bring the cost of production down.
The price increase will bring the cost to anywhere from $47,000 to $97,000 per truck.
There is some good news, however, for some buyers: Ford officials said those already awaiting a truck on back order won't be affected by the price increase.
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