The cost of the entry-level model of Ford Motor Co.s F-150 Lightning electric truck has reportedly climbed by 9% to USD 55,974, according to the information posted on the companys website on Thursday i.e., 15th December.
Sources claim that as it struggles with rising expenditures and supply chain hiccups, the manufacturer has raised the cost of its electric pickup trucks two times in the last three months.
Interestingly, global automakers, like Tesla Inc. and Rivian Automotive Inc., are also having trouble keeping up with skyrocketing prices for raw materials like lithium and have expressed concerns that these costs will not go down.
It is worth mentioning that by the fall of 2023, Ford, earlier stated that it aimed to produce 150,000 Lightning trucks annually.
In afternoon trading, the company's shares plunged approximately 3.5% along with the broader market. However, it was not immediately obvious when the price spike took place.
The action follows Ford Motor’s recent stint where it announced that it has increased manufacturing of its F-150 Lightning electric pickup vehicle by adding a third work team to an assembly factory close to Detroit.
The American automaker claimed that the additional staff resulted in the creation of 250 new jobs in November at its Rouge factory in Dearborn, Michigan.
In other news, the company is thinking about making a comeback to Formula One in 2026. The popularity of the sport in the United States is expanding, and numerous racing venues scheduled in Miami, Las Vegas, and Texas starting in 2023 are factors contributing toward the return of the Blue Oval brand to F1.
According to rumors, Ford and Red Bull may collaborate to bring back Formula One. Ford is supposedly not interested in taking official ownership of any teams, in contrast to other companies. Fords engagement will instead be restricted mainly to marketing and branding.