Oct 5 (Reuters) – Ford Motor Co is elevating the value of its electrical truck F-150 Lightning Professional for the 2023 12 months mannequin by practically 11%, looking for to cushion the hit from ongoing provide chain snags and decades-high inflation, a spokesperson for the automaker stated on Wednesday.
The value of the brand new mannequin has been set at $51,974 in comparison with $46,974 earlier, because of “ongoing provide chain constraints, rising materials prices and different market components,” the spokesperson stated.
U.S. automakers together with EV large Tesla Inc (TSLA.O) and Rivian Automotive Inc (RIVN.O) have additionally raised costs for his or her autos this 12 months, squeezed by powerful financial circumstances which have been worsened by the Russian invasion of Ukraine.
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In August, Ford raised costs for its F-150 Lightning lineup for the primary time because it was revealed final 12 months, by a spread of $6,000 and $8,500 relying on the variant.
The Professional mannequin, the most affordable of the variants, was priced practically 18% increased than earlier than, amid a surge in prices of uncooked supplies akin to lithium that’s utilized in EV batteries.
The Ford spokesperson stated those that have already scheduled their order, together with industrial and authorities prospects, is not going to be affected by the newest hike.
On Tuesday, Ford reported robust demand for brand spanking new autos in america, saying retail orders had been quickly increasing, however warned that provide points continued to weigh on gross sales. learn extra
Demand for vehicles and vans could lose steam within the coming quarters as rising rates of interest discourage shoppers from paying more cash for autos, analysts have stated.
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Reporting by Niket Nishant in Bengaluru and David Shepardson in Washington, D.C.; Modifying by Shailesh Kuber
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