Ford CEO Jim Farley poses with the Ford F-150 Lightning pickup truck in Dearborn, Michigan, May 19, 2021.
Rebecca Cook | Reuters
WAYNE, Mich. – Ford Motor CEO Jim Farley does not expect the costs of raw materials for the company’s electric vehicles to ease in the near future, marking the latest signal that automakers will continue hiking prices for their new EVs.
“I don’t think there’s going to be much relief on lithium, cobalt and nickel anytime soon,” Farley told reporters Wednesday during an event at the automaker’s Michigan Assembly Plant.
Farley’s comments come a day after the Detroit automaker announced it would be raising the starting prices for its electric F-150 pickup due to “significant material cost increases.” The increases range from $6,000 to $8,500, depending on the model. Ford isn’t alone: Rival Tesla increased its U.S. prices in June.
Prices of all lithium, cobalt and…