Ford To Hike Mustang Mach-E Costs In China



Ford Motor Co (NYSE: F) is reportedly set to announce steep worth hikes for its Mustang Mach-E crossovers later this week in China.

What Occurred: The automaker is anticipated to extend Mach-E costs within the vary of $1,120 to $3,530 on Could 5, CnEVpost reported on Sunday, citing Ford China’s electrical car division’s social media publish on Weibo.

The legacy automaker launched the Mach-E in China in April final yr at a ticket worth of $42,400 to $59,184. 

Mach-E competes with Tesla Inc’s (NASDAQ: TSLA) Mannequin Y, which is an enormous quantity generator for the Elon Musk-led firm.

See Additionally: Ford Plans Extra Worth Hikes As It Sees $4B Commodity Headwinds This 12 months

The value hike is because of important inflationary strain on manufacturing and uncooked supplies, the report mentioned, citing the Weibo announcement.

Ford didn’t instantly reply to Benzinga’s request for remark.

The Dearborn, Michigan-based firm had beforehand teased the value hikes in mid-April. 

Why It Issues: CEO Jim Farley final week mentioned the legacy automaker is seeing important pricing strain on the commodity facet with respect to metal, aluminum, copper, lithium, and nickel.

The automaker is anticipating commodity headwinds to double to $4 billion this yr and can depend on additional worth hikes to offset these will increase.

See Additionally: Ford Stated To Be Eyeing A Steep Worth Hike For Mustang Mach-E EVs In China

Worth Motion: Ford shares closed 3.15% decrease at $14.16 a share on Friday.

 

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