Ford raises Mustang Mach-E prices in China

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

What happened: The automaker is expected to raise Mach-E prices from $1,120 to $3,530 on May 5, CnEVpost reported on Sunday, citing Ford China’s social media post on Weibo.

The longtime automaker launched the Mach-E in China last April for a ticket price of $42,400 to $59,184.

Mach-E competes with Tesla Inc’s (NASDAQ: TSLA) Model Y, which is a large volume generator for the Elon Musk-led company.

See also: Ford plans more price hikes as it sees $4 billion commodities headwind this year

The price hike is due to significant inflationary pressures on manufacturing and commodities, the report said, citing Weibo’s announcement.

Ford did not immediately respond to Benzinga’s request for comment.

The Dearborn, Michigan-based company had previously teased price increases in mid-April.

Why it matters: CEO Jim Farley said last week that the longtime automaker is experiencing significant price pressure on the commodity side related to steel, aluminum, copper, lithium and nickel.

The automaker expects commodity headwinds to double to $4 billion this year and will rely on further price increases to offset those increases.

See also: Ford said it is looking at steep price hike for Mustang Mach-E EVs in China

Price action: Ford shares closed 3.15% lower at $14.16 per share on Friday.

© 2022 Benzinga does not provide investment advice. All rights reserved.

This post Ford raises Mustang Mach-E prices in China was original published at “”

Leave a Reply

Your email address will not be published.