Ford raising the price of F-150 pickup truck by $5,000
As a means of offsetting the effects of rising production costs, vehicle manufacturer Ford Motor is increasing the price of the basic model of its F-150 pickup truck by $5,000.
Ford said on Wednesday that the price of the F-150 Lightning Pro would increase to $51,974 beginning on October 24. This is an increase of 11% from the basic model’s price of $46,974 in August, whereas earlier in the year the price of the base model was $39,974. According to a spokeswoman for Ford who talked to CBS News, the reason for the price rise is “due to persistent supply-chain bottlenecks, increased material prices, and other market variables.”
The price of the F-150 Lightning will not change for any of the other trim levels. A Ford spokeswoman said that the higher prices won’t change anything for people who have already put down a deposit on the car.
This year, the prices of electric vehicles produced by a number of other manufacturers have also been increased. In response to rising metal prices and increased costs for components like lithium, which are needed to build batteries, Rivian, GM, and Tesla have all increased the price of their electric vehicles (EVs).
The ever-increasing demand for electric vehicles is also driving up their prices. According to the results of a poll that was conducted not too long ago by the automobile club AAA, around one-fourth of American adults report that they are considering making their next car purchase an electric vehicle. According to research conducted by Recurrent, a business that analyzes the automotive sector, there has been a 70% increase in potential buyers interested in purchasing an electric vehicle since January.
Andrew Frick, vice president of sales for Ford, said on Tuesday that the automaker has seen a significant uptick in demand for its electric vehicles (EVs) among purchasers of trucks and vans. According to the monthly sales data, the firm was able to sell more than 18,000 electric cars during the months of July and September.
In April, Ford started production of the Lightning, and the company delivered the first batch of automobiles to customers in June. Ford is scheduled to release its financial results for the third quarter later this month. Since then, the business has made a total of 8,760 sales.
On Wednesday, the closing price of a share of Ford’s stock on Wall Street was $12.50, representing a gain of around one percent.
