Ford’s price hike on electric pickup truck erases Inflation Reduction Act tax credit

Analysis by WorldTribune Staff, August 21, 2022

Ford seems interested in going woke — but not going broke.

Ford F-150 Lightning

The U.S. automaker announced that is raising the price on its electric F-150 Lightning pickups by as much as $8,500 — effectively canceling out the $7,500 federal EV tax credit included in the so-called Inflation Reduction Act.

The base-model electric Ford truck now starts at $48,769. According to Ford, the Lightning has sold 4,400 examples since it started taking orders this May.

Why did Ford hike the price of the electric vehicle by so much?

According to Ford, it’s due to inflation, or to the non-woke — Bidenflation.

Ford is the “latest automaker to increase pricing of their newest electric vehicles amid rising inflation and commodity costs,” joining General Motors, Rivian Automotive, Lucid, and Tesla, CNBC reported.

The tax credit can’t be collected by people who lease an EV as opposed to buying it outright.

A Ford spokesperson said deliveries of new orders are scheduled to begin this fall.

The tax credit does not apply to the purchase of electric vehicles assembled outside North America, which excludes many EVs made by manufacturers like KIA and Toyota.

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