Ford Hikes F-150 Lightning Price By 11% To Soften Inflation, Supply Chain Blows: Here's Its New Price Tag

Ford Motor Company F is reportedly raising the price of its electric truck F-150 Lightning Pro for its 2023 model by close to 11%, in a bid to soften the hit from ongoing supply chain snags and decades-high inflation, Reuters reported, citing a spokesperson for the company.

What Happened: The price of the new model has risen to $51,974 from $46,974 due to "ongoing supply chain constraints, rising material costs, and other market factors," the report quoted the spokesperson as saying. The latest hike will not affect those who have already scheduled their order, including commercial and government customers, as per the report.

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Why It Matters: Ford hiked prices for its F-150 Lightning line-up in August, for the first time since it was revealed last year, by $6,000-8,500, depending on the variant, citing significant material cost increases and other factors.

EV giant Tesla Inc. TSLA also raised prices this year, citing inflationary pressure on raw materials and logistics.

LM Edition: On Wednesday, Ford unveiled its new 2022 Ford GT LM Edition, set to be the last model of the famous third-generation supercar.

The LM Edition will honor America’s only Le Mans-winning supercar that includes wins in 2016 and the historic 1-2-3 podium sweep in 1966, depicted in the 2019 film "Ford v Ferrari," starring Matt Damon and Christian Bale.

Price Action: Shares of the automaker ended 1.21% higher on Wednesday while it gained over 5% in the last five days, according to data from Benzinga Pro.

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