(Reuters) – Ford Motor Co is hiking the price of its electric truck F-150 Lightning Pro for the 2023 year model by nearly 11%, seeking to cushion the hit from ongoing supply chain snags and decades-high inflation, a spokesperson for the automaker said on Wednesday.
The price of the new model has been set at $51,974 compared to $46,974 earlier, due to “ongoing supply chain constraints, rising material costs and other market factors,” the spokesperson said.
U.S. automakers including EV giant Tesla Inc and Rivian Automotive Inc have also raised prices for their vehicles this year, squeezed by inflationary pressures and supply chain concerns that have been worsened by the Russian invasion of Ukraine.
Those who have already scheduled their order, including commercial and government customers, will not be affected by the hike, the Ford spokesperson said.
On Tuesday, Ford reported strong demand for new vehicles in the United States, saying retail orders were rapidly expanding, but warned that supply issues continued to weigh on sales.
Demand for cars and trucks may lose steam in the coming quarters as rising interest rates discourage consumers from paying more money for vehicles, analysts have said.
(Reporting by Niket Nishant in Bengaluru and David Shepardson in Washington, D.C.; Editing by Shailesh Kuber)
