Ford raises price of F-150 electric truck as inflation bites
Reuters
Published Oct 05, 2022 03:34PM ET
Updated Oct 05, 2022 04:35PM ET
(Reuters) -Ford Motor Co is raising the price of its electric truck F-150 Lightning Pro for the 2023 year model by nearly 11%, seeking to cushion the hit from ongoing supply chain snags and decades-high inflation, a spokesperson for the automaker said on Wednesday.
The price of the new model has been set at $51,974 compared to $46,974 earlier, due to "ongoing supply chain constraints, rising material costs and other market factors," the spokesperson said.
U.S. automakers including EV giant Tesla (NASDAQ:TSLA) Inc and Rivian Automotive Inc have also raised prices for their vehicles this year, squeezed by tough economic conditions that have been worsened by the Russian invasion of Ukraine.
In August, Ford raised prices for its F-150 Lightning lineup for the first time since it was revealed last year, by a range of $6,000 and $8,500 depending on the variant.
The Pro model, the cheapest of the variants, was priced nearly 18% higher than before, amid a surge in costs of raw materials such as lithium that is used in EV batteries.
The Ford spokesperson said those who have already scheduled their order, including commercial and government customers, will not be affected by the latest hike.
On Tuesday, Ford reported strong demand for new vehicles in the United States, saying retail orders were rapidly expanding, but warned that supply issues continued to weigh on sales.
Demand for cars and trucks may lose steam in the coming quarters as rising interest rates discourage consumers from paying more money for vehicles, analysts have said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.