Ford (NYSE:F) stock is in the news Wednesday as the automaker reveals a price increase for the F-150 Lightning as it reopens preorders.
The F-150 Lightning is an electric truck that customers will soon be able to preorder from Ford. The latest price increase adds between $6,000 and $8,500 to the cost of the electric vehicle (EV), depending on the “variant” of the model.
This means that customers buying the F-150 Lightning will pay a minimum of $47,000 for the Pro model after the price hike. However, this price increase does not affect customers who have already placed preorders.
Ford Stock: What’s Behind the Price Increase?
Ford says there are a few factors behind the price increase for the F-150 Lightning, including the rising cost of raw materials. Chief among these pricey materials is lithium, which is used in EV batteries. Demand for lithium is rising as more automakers enter the EV market, per Reuters.
That said, there is one bit of good news alongside this price increase. Ford also revealed that the range of the standard F-150 Lightning battery is increasing by 10 miles. That bumps it up from 230 miles per charge to 240 miles.
According to the automaker, that increase is due to the inclusion of “heated seats as standard equipment.” This allows for a reduction on the “HVAC load” placed on the battery and offers customers an additional feature.
Ford stock is up more than 2% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.