© Reuters. FILE PHOTO: The company emblem 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%, 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, on account of “ongoing provide chain constraints, rising materials prices and different market components,” the spokesperson stated.
U.S. automakers together with EV large Tesla (NASDAQ:) Inc and Rivian Automotive Inc have additionally raised costs for his or her automobiles this 12 months, squeezed by robust 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% larger than earlier than, amid a surge in prices of uncooked supplies resembling lithium that’s utilized in EV batteries.
The Ford spokesperson stated those that have already scheduled their order, together with industrial and authorities clients, won’t be affected by the most recent hike.
On Tuesday, Ford reported robust demand for brand new automobiles in the USA, saying retail orders had been quickly increasing, however warned that provide points continued to weigh on gross sales.
Demand for automobiles and vans could lose steam within the coming quarters as rising rates of interest discourage customers from paying extra money for automobiles, analysts have stated.