The cheapest electric Ford F-150 now costs $20,000 more than it did a year ago

• Ford has raised prices on the F-150 Lightning electric pickup again.
• The automaker previously hiked the price in August, October, and December.

The battery-powered version of America's favorite truck just got even less accessible to everyday consumers. The cheapest Ford F-150 Lightning electric pickup now costs a whopping $59,974 — $20,000 more than it did when it first hit the market a year ago.

This is the fourth time the automaker has raised prices on the Lightning, which started at $39,974 for the basic, contractor-oriented Pro model when it first went on sale. Factoring in a $1,895 destination fee brings the base price for an electric F-150 to $61,869.

In August, Ford said its 2023 Lightning would see increases of between $6,000 and $8,500 across trim levels, with the Pro starting at $46,974. In October, Ford raised prices by another $5,000, making the Pro cost $51,974. In December, Ford adjusted pricing yet again, bringing the entry-level truck's starting sticker price to $55,974.

A Lightning Pro used to cost significantly less than the average electric model, but not anymore. The average new EV sold for $58,385 in February, according to Kelley Blue Book.

The latest price hikes also bring the mid-level Lariat model's starting price up by $1,500 to $75,974. The fanciest Lightning Platinum now starts at $98,074, up $1,200. Automotive News first reported the move.

A Ford spokesperson told Insider it's raising prices "in response to current material costs, market factors, and supply chain constraints."

Despite the increases, Ford expects to lose billions of dollars on electric cars this year as it accelerates sales and builds out new manufacturing capacity.

Ford's move could be good news for Chevrolet, whose Silverado electric truck is supposed to start at around $39,000 when it becomes available in the summer of 2024. Experts anticipate another competitor, the Ram 1500 REV, will start at about $58,000, though that truck is a while out.

Supply chain chaos, the war in Ukraine, and high demand for crucial materials like lithium have pushed some makers of electric cars to offset costs by charging more for their vehicles. Last year, Rivian and Lucid aggressively raised prices on their debut models. Even the bargain-bin Chevy Bolt EV and EUV have gotten price hikes.

Still, price wars have defined the EV market so far in 2023. Industry leader Tesla heavily discounted its entire lineup this year in a bid to boost sales, putting pressure on some other automakers to do the same.