Ford Motor Company (NYSE:F) is due to raise the price of its F-150 Lightning Pro electric truck by about 11%, according to Reuters.
The price of the 2023 model will be raised to $51,974 from a prior $46,974 due to production constraints, persistent inflationary impacts and surging material costs, as well as “other market factors,” per the report. The price hike is the second such increase since August.
Those that hold existing orders at previous price points are not expected to be impacted by the now-heftier price tag.
Shares of Ford edged slightly lower in after hours trading on Wednesday, pulling back a bit on the day’s gain driven by a newly bullish Morgan Stanley.