Following the passage of a plan by Senate Democrats that contained a $7,500 federal electric car tax credit, Ford increased the basic price of its F-150 Lightning electric pickup truck.
The price of the basic model 2023 F-150 Lightning pickup has increased to $47,000 from the previous $40,000.
Purportedly, major material cost hikes and “other considerations” were to blame for the price hike. However, the price hike would only affect individuals who have booked but not yet paid for the truck.
Certain modules of the vehicle may qualify for the credit this year due to upcoming changes in eligibility and tax credit regulations brought forth by new legislation, such as the enactment of the Inflation Reduction Act. It is not known if the vehicle will continue to be qualified in the future.
Depending on the model, the electric vehicles’ range is just 230 miles to 320 miles. This is only a slight improvement of 10 miles over the company’s regular battery. It’s not just Ford that’s increasing the cost of their EV lineup; GM just announced a $6,250 price hike for their electric version of the GMC Hummer.
A coalition of major manufacturers said that under the Democratic plan in the U.S. Senate, most electric-vehicle models would not be qualified for a $7,500 tax credit for U.S. purchasers.
Some automakers have voiced concerns behind closed doors about the proposal’s increased demands for U.S.-sourced batteries and critical-mineral contents in vehicles.
A proposal by Senators Chuck Schumer and Joe Manchin on July 27 would render ineligible 70 percent of 72 U.S. electric, plug-in hybrid, and fuel-cell EVs, according to John Bozzella, who heads the Alliance for Automotive Innovation, which represents General Motors (GM.N), Toyota Motor (7203.T), and Ford Motor, among others.
The new sourcing restrictions would make it such that “none would qualify for the full credit,” he claimed.
Never trust a dem when they claim they are going to save you money… unless you’re dirt poor, an illegal or an elite.