© Reuters. FILE PHOTO: A model of the all-new Ford F-150 Lightning electric pickup is parked in front of the Ford Motor Company World Headquarters in Dearborn, Michigan, U.S. April 26, 2022. REUTERS/Rebecca Cook
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(Reuters) -Ford Motor Co has raised the base price of its popular F-150 Lightning electric pickup truck again, the automaker’s website showed on Thursday, the latest in a series of price hikes aimed at offsetting high costs.
Shares of Ford were up 2% in afternoon trade.
The base variant of Ford’s electric F-150 truck now starts at $59,974, excluding shipping and taxes, up nearly 50% from its starting price when launched last year.
The Detroit automaker resumed production of the F-150 Lightning earlier this month after recalling 18 electric trucks due to a battery-cell manufacturing defect.
Ford’s hike comes after EV maker Tesla (NASDAQ:) Inc ignited a price war this year by aggressively trimming prices.
A week earlier, Ford said its electric-vehicle business unit was expected to lose $3 billion this year, but remained on track to achieve a pretax margin of 8% by late 2026.
The company was not immediately available for further comment on the price increase, which was first reported by Automotive News on Thursday.
