Automotive reporter Pras Subramanian outlines the pricing forecast for Ford's F-150 Lightning as reservations for the EV begin to reopen.
DAVE BRIGGS: If you've been waiting for your crack at that new Ford F-150 Lightning EV, you'll get your chance this week. But it'll cost you a pretty penny. Senior autos reporter Pras Subramanian here with the latest. And we are hearing this everywhere. This price is going way up.
PRAS SUBRAMANIAN: Yeah, so good news for these Lightning fans. Their order banks are opening up once again. But it's going to be a little sticker shock for you, right? So that base model at 39,900 miles that everyone's so jazzed about, $7,000 price hike. In fact, the other trims-- there's about five or six trims-- two of the extended range trims up $8,500. So a lot going on there.
So now Ford says that they will honor the existing pricing for people that actually have an order in the books and a delivery date. But if you're just a reservation holder, like, kind of, like, over, like, 100,000 people that are waiting right now, you're going to be subject to the new pricing coming not too soon from now.
SEANA SMITH: Hey, Pras, if you're in the market for an electric vehicle, so we have Ford hiking their prices, but they're by far not the only one that's doing it within the automakers, right? Because we had Tesla making the announcement earlier this year, and there's been a number of their other competitors that are in the EV space that are also being forced-- I guess you can say forced-- to raise their prices.
PRAS SUBRAMANIAN: Yeah, across the industry, they're just really feeling the pinch of these prices. Like you said, Tesla, Elon Musk saying it was embarrassing the amount of price hikes that they can-- and they can do that kind of in real-time on their website, right? Rivian, of course, famously did that big price hike. They had to reverse it for some people who are signed up for that car and very upset about it because it's going to be retroactive. They said no to that. They'll honor some pricing.
But anyone else like you or I will pay more money. GM with the Lyriq, of course, too, they're going to jack up prices on a couple of thousand dollars. And then also Lucid, at that high end, the Lucid Air also being raised because they just cannot compete right now with the component costs going up so high.
DAVE BRIGGS: I guess it's a good thing you get a tax refund in this new legislation.
PRAS SUBRAMANIAN: Well, we'll see.
DAVE BRIGGS: Well, we'll see, right, depending on which model you buy. Jim Farley, Ford's CEO, says we are the only company even close to challenging Tesla in the EV space. True or false?
PRAS SUBRAMANIAN: I mean, he's not exactly wrong because Ford does have the Mach-E selling well. The F-150 Lightning sold about 4,000 vehicles last quarter-- or through so far this year. So they're still-- they're nipping at the buds at Tesla. But you've got to say that look at VW. They have a couple of vehicles out there. GM next year will have the Trailblazer, the Silverado, and the cheaper Equinox all out next year. So as of right now, you can say, yes, Jim, you're correct, but I think that competition will ramp up very fast over the next year and a half or so.
DAVE BRIGGS: And Hyundai is fairly clear close, right?
PRAS SUBRAMANIAN: Yeah, Kia EV6 in the Hyundai. Ioniq 5, yeah, doing really well.
SEANA SMITH: Dave, I just want to know if you're actually going to pull the trigger.
DAVE BRIGGS: On the Ford F-150 EV?
SEANA SMITH: Yeah, I know.
DAVE BRIGGS: You know, I love that thing.
SEANA SMITH: 'Cause it's getting more and more expensive, so it makes it a strong argument.
DAVE BRIGGS: 17%--
SEANA SMITH: You should go for-- no, I know.
DAVE BRIGGS: --rise? That might have taken it out of my plans.
SEANA SMITH: I know, I know.
PRAS SUBRAMANIAN: Ugh.