© Reuters. FILE PHOTO: The company brand of Ford is seen at Brussels Motor Present, Belgium January 9, 2020. REUTERS/Francois Lenoir
(Reuters) -Ford Motor Co is elevating the value of its electrical truck F-150 Lightning Professional for the 2023 12 months mannequin by almost 11%, in search of to cushion the hit from ongoing provide chain snags and decades-high inflation, a spokesperson for the automaker mentioned on Wednesday.
The worth of the brand new mannequin has been set at $51,974 in comparison with $46,974 earlier, resulting from “ongoing provide chain constraints, rising materials prices and different market elements,” the spokesperson mentioned.
U.S. automakers together with EV big Tesla (NASDAQ:) Inc and Rivian Automotive Inc have additionally raised costs for his or her autos this 12 months, squeezed by powerful financial situations which have been worsened by the Russian invasion of Ukraine.
In August, Ford raised costs for its F-150 Lightning lineup for the primary time because it was revealed final 12 months, by a variety of $6,000 and $8,500 relying on the variant.
The Professional mannequin, the most cost effective of the variants, was priced almost 18% greater than earlier than, amid a surge in prices of uncooked supplies equivalent to lithium that’s utilized in EV batteries.
The Ford spokesperson mentioned those that have already scheduled their order, together with business and authorities clients, is not going to be affected by the most recent hike.
On Tuesday, Ford reported sturdy demand for brand new autos in the US, saying retail orders have been quickly increasing, however warned that provide points continued to weigh on gross sales.
Demand for vehicles and vehicles might lose steam within the coming quarters as rising rates of interest discourage customers from paying more cash for autos, analysts have mentioned.
Originally published at Gold Coast News HQ
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