Ford Motor is increasing the starting prices of its electric Mustang Mach-E crossover by more than $8,000 for some models, as it reopens order banks for the 2023 model year.
The firm on Thursday said the markups are due to “significant material cost increases, continued strain on key supply chains, and rapidly evolving market conditions.”
The Mach-E is the latest electric vehicle to experience a price hike, as raw material costs for batteries for electric vehicles more than doubled during the coronavirus pandemic.
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 hiked 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.
