Ford Motor is elevating the worth of its base F-150 pickup truck by $5,000 because the automaker seeks to offset rising manufacturing prices.
Beginning October 24, the F-150 Lightning Professional will price $51,974, Ford mentioned Wednesday. That's up 11% from $46,974 in August, whereas earlier within the yr the bottom mannequin was priced at $39,974. The value enhance is "attributable to ongoing supply-chain constraints, rising materials prices and different market elements," a Ford spokesperson advised CBS Information.
Different trim ranges for the F-150 Lightning will price the identical. The brand new value will not impression any prospects who've already pre-ordered the truck, a Ford spokesperson mentioned.
Different automakers have additionally hiked the price of their electrical car traces this yr. Rivian, GM and Tesla have all raised their EV costs amid hovering steel costs and better prices for elements like lithium, which is used to make batteries.
Growing demand can also be propelling EV costs. A current survey from motor membership AAA discovered that a few quarter of People say they need to get an electrical car as their subsequent automotive buy. Analysis from Recurrent, a automotive business evaluation firm, discovered that curiosity in shopping for an electrical car has soared 70% since January.
Ford has seen its EV demand rise quickly amongst vehicles and vans, Ford's vice chairman of gross sales Andrew Frick mentioned in an organization report Tuesday. The corporate offered greater than 18,000 electrical autos between July and September, in line with month-to-month gross sales stories.
Ford, which is ready to report third quarter earnings later this month, started manufacturing the Lightning in April and delivered its first batch of autos in June. The corporate has offered 8,760 of them since then.
Ford's inventory value rose about 1% on Wall Road Wednesday to shut at $12.50 a share.