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Ford has announced that as of 2023, the starting prices for its modern electric Mustang will be significantly higher than what is currently being offered.

The company announced today that they will be raising prices due to “significant material cost increases and the strain on key supply chains.” They will also be evolving as needed to meet modern market conditions, so keep an eye out for changes in the coming days.

That’s why the Mach-E is more expensive today than before – raw material costs for batteries in electric vehicles have increased. Market prices for certain battery materials worsened during the coronavirus pandemic, which also caused some oil.

Starting prices for the 2023 Mustang Mach-E will range from about $47,000 to $70,000. This is an increase of about 25% compared to the 2022 model year where the starting price ranged from roughly $44,000 to $62,000.

Some Ford trucks are made electric, but the prices of these models has increased recently. Starting prices can now vary from $6,000 to $8,500 depending on which model you choose. The automaker cited various reasons behind the cost of production, which includes having to spend on raw materials such as lithium and nickel that are used in car batteries.

Other automakers, such as General Motors, Rivian, Lucid and Tesla also significantly increased prices on new electric vehicles.

The car company ended up announcing a new and very different pricing scheme, increasing options and capabilities for certain models while also changing their shipping rates.

Ford said the higher prices will go into effect for all new orders placed starting Tuesday, when order banks reopen.

Customers with existing orders for the 2022 model year will be offered a private offer to upgrade to the 2023 model year vehicle. No details have been announced yet, but this could be an even better price if they want to exchange.

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