In the latest in a series of price hikes seeking to offset high costs, on Thursday Ford Motor Company yet again raised the prices on some models of its new F-150 Lighting electric pickup trucks.

The automaker announced the starting price of its Lariat Standard model would be increased from $74,474 to $75,974, and the Platinum range would be increased from $96,874 to $98,874 “in response to current material costs, market factors, and supply chain constraints.”

Ford shares closed up 2% Thursday.

The increase signals that Ford is seeing high demand for the electric successor to the company’s popular gasoline-powered F-150 truck. It comes as market leader Tesla has been slashing prices to stir what many have assumed was a flagging demand.

Ford stated, “Ahead of the next wave of commercial order banks opening mid-April, Ford is adjusting the price of the F-150 Lightning Pro MSRP from $55,974 to $59,974,” adding that currently the model is sold out for retail customers.

Production of the electric truck resumed earlier this month, following a recall of 18 electric trucks due to a defect in the manufacturing of a battery-cell.

Just a week ago, the company had noted that its electric vehicle business unit was estimated to be poised to lose $3 billion this year, however it was still tracking toward achieving a pre-tax margin of 8% by late 2026.