<p>The price of <a href="https://www.dailywire.com/news/ford-plans-to-cut-8000-jobs-so-it-can-fund-ev-push-report">Ford</a>’s Mustang Mach-E will see up to an $8,475 increase next week due to what the <a href="https://www.dailywire.com/topic/ford-motor-co">company</a> says are “significant material cost increases” and “evolving market conditions.”</p>
<p>Buyers will face the higher price tag on the electric vehicle (EV) when order banks for the 2023 model reopen on Tuesday, CNBC <a href="https://www.cnbc.com/2022/08/26/ford-mustang-mach-e-price-hiked-by-as-much-as-8475-due-to-battery-costs.html">reported</a>. The increase comes just weeks after President <a href="https://www.dailywire.com/topic/joe-biden">Joe Biden</a> signed the Democrats’ <a href="https://www.dailywire.com/topic/inflation-reduction-act">Inflation Reduction Act</a>, a massive climate spending bill that handed out tax credits to Americans willing to purchase certain EVs.</p>
<p>“Ford is adjusting the MSRP on the Mustang Mach-E due to significant material cost increases, continued strain on key supply chains, and rapidly evolving market conditions, and will continue to monitor pricing across the model year,” the Michigan-based motor company <a href="https://media.ford.com/content/fordmedia/fna/us/en/news/2022/08/25/mustang-mach-e-order-banks-re-open-updated-pricing-colors.html">said</a>.</p>
<p>The Mustang Mach-E 2022 models were priced between 44,000 and $62,000, but the 2023 makes of the EV will cost as high as $70,000 with the cheapest option being $47,000. Earlier this month, Ford also increased prices on its electric pickup truck, the F-150 Lightning, for similar reasons, according to CNBC. Tesla, Rivian, Lucid, and GM have also <a href="https://www.cnbc.com/2022/05/21/electric-vehicle-prices-rise-at-tesla-rivian-gm-and-other-carmakers.html">raised prices</a> on EVs this year.</p>
<p>Car manufacturers are increasing EV prices after electric battery costs skyrocketed during the COVID pandemic. Materials such as cobalt, lithium, and nickel have become harder to get, with China <a href="https://www.forbes.com/sites/rrapier/2022/01/11/the-us-is-losing-the-lithium-industry-to-china/?sh=16e4dee16a15">dominating</a> cobalt and lithium production. That, coupled with supply chain issues, resulted in the cost of raw materials for EV production <a href="https://www.cnbc.com/2022/06/22/electric-vehicle-raw-material-costs-doubled-during-pandemic.html">doubling</a> from March 2020 to May 2022.</p>
<p>Biden <a href="https://www.dailywire.com/news/biden-signs-740-billion-inflation-reduction-act">signed</a> the Inflation Reduction Act on August 16, with full Democratic support in the Senate, as every single Republican opposed. Along with the bill’s nearly $370 billion spent on climate, the legislation also grants tax credits of up to $7,500 for those who buy certain EVs that are assembled in North America.</p>
<p>“American auto companies, along with American labor, are committing their treasure and their talent — billions of dollars in investment — to make electric vehicles and battery and electric charging stations all across America, made in America,” the president <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/08/16/remarks-by-president-biden-at-signing-of-h-r-5376-the-inflation-reduction-act-of-2022/">said</a> at the bill’s signing.</p>
<p>According to the <a href="https://afdc.energy.gov/laws/inflation-reduction-act">Department of Energy</a>, the 2022 Ford Mach-E qualifies for Biden’s tax credit. The 2023 model, however, did not appear on the department’s list of EVs that qualified.</p>

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Ford Electric Mustang Price Going Up After Biden, Dems Handed Out EV Tax Credit