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☆ Ford raises annual pre-tax profit view as supply chain woes ease
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowJuly 27 (Reuters) - Ford Motor (F.N) on Thursday raised its annual pre-tax profit expectation, as improving supply chains helped the automaker produce more pickup trucks and crossover family-SUVs to meet sustained demand from consumers. An improvement in the overall supply chain has aided automakers to ramp up production and get enough vehicles to dealer lots on time to meet a strong demand for personal mobility. Better offers and financing options on vehicles has also swayed more consumers to consider purchasing new vehicles in place of used vehicles and leasing options. The company now expects pre-tax profit for the year to come in between $11 billion and $12 billion, compared with its prior forecast of $9 billion to $11 billion. Reporting by Nathan Gomes in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Nathan Gomes, Arun Koyyur Organizations: Ford, Thomson Locations: Bengaluru

☆ Ford raises full-year guidance after solid earnings beat
▼ + stars: | 2023-07-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford increased its full-year adjusted earnings forecast to a range of between $11 billion and $12 billion, up from a prior forecast $9 billion and $11 billion. It also upped its expected adjusted free cash flow to a range of $6.5 billion to $7 billion from earlier guidance of $6 billion. However, he said, electric vehicle adoption is taking place more slowly than the company expected, in part because of higher costs. Ford's traditional business operations, known as Ford Blue, earned $2.31 billion during the quarter, while it's Ford Pro commercial business earned $2.39 billion. Ford said its adjusted earnings before interest and tax, or adjusted EBIT, jumped to $3.79 billion, up from $3.72 billion a year ago.

Persons: EVs, Motors, John Lawler, it's, Ford, CNBC's Michael Bloom Organizations: DETROIT, Ford, it's Ford Pro, Refinitiv

☆ S&P 500 futures are little changed after Fed hikes rates by a quarter percentage point: Live updates
▼ + stars: | 2023-07-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

S&P 500 futures were little changed in overnight trading after the Federal Reserve instituted a quarter percentage point hike, bringing rates to the highest level in more than 22 years. Futures linked to the S&P 500 traded flat, while Dow Jones Industrial Average futures lost 48 points, or 0.13%. The moves came after the Federal Reserve implemented a widely-expected 25 basis point hike, putting interest rates at their highest level since 2001. "If there was any doubt, Chairman Powell reiterated the Fed's commitment to 2% inflation and restoring price stability." Fresh economic data points include initial jobless claims, June durable goods orders, a preliminary second-quarter GDP reading and pending home sales.

Persons: Jerome Powell, Management's Yung, Yu Ma, Powell Organizations: Federal Reserve, New York Stock Exchange, Dow Jones Industrial, Nasdaq, Meta, Dow Jones, Federal, BMO, Honeywell, McDonald's, Intel, Ford Motor, Mobile, Royal Caribbean, Investors Locations: New York City

☆ Stellantis, Samsung SDI set plan to build second US battery plant
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +3 min

Stellantis said the second U.S. battery plant will be the sixth to support the company's goals. "The second plant will accelerate our market penetration into the U.S.," Samsung SDI CEO Yoon-ho Choi said in the statement. In May 2022, Stellantis and Samsung SDI said they would invest more than $2.5 billion to build their first joint battery plant, to open in the first quarter of 2025 in Kokomo, Indiana. Stellantis is also building a joint-venture battery plant in Windsor, Ontario, in Canada with South Korea's LG Energy Solution (373220.KS). Samsung SDI shares extended gains after Monday's announcement, rising to as much as 4.1% versus a 0.8% increase in the benchmark KOSPI (.KS11).

Persons: Carlos Tavares, Stellantis, Ram, Alfa Romeo, Yoon, Choi, Ben Klayman, Heekyong Yang, Christopher Cushing Organizations: Samsung SDI, North, Peugeot, Jeep, Citroen, Opel, Samsung, South Korea's LG Energy, General Motors, United Auto Workers union, Stellantis, GM, Ford, Thomson Locations: Korean, U.S, Europe, Kokomo , Indiana, Indiana, Windsor , Ontario, Canada, Detroit, Seoul

☆ Citi stays positive on A.I. theme and lays out the key to finding winning stocks
▼ + stars: | 2023-07-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

"In sum, our message is not to be overly deterred by the significant year-to-date move in profitable AI stocks," the bank said in a Friday note to clients. Citi expects many names to meet accelerated growth expectations and views free cash flows as "increasingly compelling." Given this setup, Citi screened for AI-related stocks expected to outpace market growth expectations and experience an uptick in free cash flow margins. Consensus estimates peg long-term growth at more than 17%, with a near-term free cash flow margin of nearly 24%. Mastercard offers the greatest near-term free cash flow yield of the group, at 48.4%.

Persons: Andy Jassy soothed, Bard, ServiceNow, — CNBC's Michael Bloom Organizations: Citigroup, Nvidia, Citi, CNBC, Amazon, Amazon Web Services, Microsoft, Mastercard, Ford

☆ China's CATL says cooperation with Ford moving forward as normal
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 24 (Reuters) - Chinese battery giant CATL said in a statement on Monday that its cooperation with Ford Motor is moving forward as normal. The statement came after two U.S. House of Representatives committees said on Friday they are investigating Ford's Chinese battery partnership. Reporting by Beijing Newsroom; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Coghill Organizations: Ford, . House, Beijing, Thomson Locations: BEIJING

☆ Domino's Pizza is among the most overbought stocks on Wall Street. Here are the others
▼ + stars: | 2023-07-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Domino's Pizza and Zions Bancorporation are among some of the most overbought stocks on Wall Street this week, as the S & P 500 rose about 0.7%. The RSI measures the speed and size of a stock's price change and can be used to separate the most overvalued and undervalued securities. Wall Street considers a stock overbought and due for a potential pullback when its RSI pushes above 70. Paychex finished the week as the most overbought stock in the index. Other overbought stocks included Zions Bancorporation.

Persons: Paychex, it's Organizations: Wall, Global, Discover Financial, Deposit Insurance Corporation, Ford Motor, Nike, Verizon, Seagate Technology, Equifax, Materials

☆ U.S. House committees investigate Ford Chinese battery partnership
▼ + stars: | 2023-07-21 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoWASHINGTON, July 21 (Reuters) - Two U.S. House of Representatives committees said Friday they are investigating Ford Motor Co's (F.N) partnership with Chinese battery company CATL (300750.SZ). Ford announced in February it is spending $3.5 billion to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The committees said several hundred of the 2,500 Ford plant jobs will be filled by CATL employees from China who will be in charge of setting up and maintaining equipment. Ford still is awaiting guidance from the U.S. Treasury to ensure the partnership does not run afoul of the requirement. Republican Senator Marcio Rubio has urged the Biden administration to investigate the deal and introduced legislation that seeks to bar consumer tax credits for EVs produced using CATL technology.

Persons: Brendan McDermid, Jason Smith, Mike Gallagher, Ford, CATL, Marcio Rubio, Biden, EVs, David Shepardson, Jonathan Oatis, David Holmes Organizations: North American, REUTERS, WASHINGTON, House, Ford Motor, Ford, Chinese Communist Party, U.S . Treasury, Republican, Thomson Locations: Detroit , Michigan, U.S, Michigan, CATL, China, United States, Xinjiang, Beijing

☆ EV battery plants emerge as wild card issue in UAW contract talks
▼ + stars: | 2023-07-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Multibillion-dollar EV battery plants — and their thousands of expected workers — are crucial to the automotive industry's future and uniquely positioned to have wide-ranging implications for the UAW, automakers and President Joe Biden's push toward domestic manufacturing. But UAW leadership has made it a priority to ensure a "just transition" to EVs for auto workers, including the battery plants. Michael Wayland / CNBCEither side could use the battery plants as indirect leverage in the negotiations, according to current and past negotiators from both sides of the table. At GM's Ultium battery plant in Ohio, workers make between $16 and $22 an hour with full benefits, incentives and tuition assistance. Setting a standardThe UAW last week released a white paper detailing some reported safety issues and concerns at the Ultium plant.

Persons: Motors, Steve Fecht, Joe Biden's, they're, Shawn Fain, Jerome Buckley, Michael Wayland, Mary Barra, Nic Antaya, Fain, Biden, Joe Biden, Kinethia Black, Bolt Organizations: Tech Center, General Motors DETROIT, United Auto Workers, UAW, General Motors, Ford Motor, CNBC, EV, GM, Detroit, General Motors Factory, Getty, Ford, General Motors Orion Assembly, Chevrolet Locations: Warren , Michigan, Detroit, Ohio, Detroit , Michigan, Michigan, Orion Township , Michigan

☆ Wall Street rides high into next week as traders brace for a major Fed decision and key earnings
▼ + stars: | 2023-07-21 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The recent streak of gains in markets could be in jeopardy next week as traders come up against a big Federal Reserve meeting and earnings shift into high gear. However, markets are ramping up just ahead of several catalysts next week that could roil markets. According to the CME FedWatch Tool, 83% of traders expect monetary policymakers will be done at that point. 'Floodgate' of earnings season including tech The biggest week for earnings season is also up ahead, with results having been mixed thus far. Personal Consumption Expenditure index (June) 10 a.m.: Consumer sentiment (July final) Earnings: Exxon Mobil , Chevron , Procter & Gamble , T. Rowe Price

Persons: Jerome Powell, Hogan, Powell, Shannon Saccocia, Jackson, Yung, Yu Ma, that's, Saccocia, Northrop Grumman, Rowe Price Organizations: Reserve, Dow Jones, Riley Wealth Management, BMO Wealth Management, Big Tech, Microsoft, Chicago, P Global, PMI, GE, GE HealthCare, GM, Boeing, Hess, ADP, CME Group, eBay, Honeywell, Hershey, McDonald's, Mastercard, Northrop, Royal, Enphase Energy, Mobile, Ford Motor, Intel, Mondelez, Exxon Mobil, Chevron, Procter, Gamble Locations: Royal Caribbean

A partnership between Ford Motor and a major Chinese battery maker is facing scrutiny by Republican lawmakers, who say it could make an American automaker reliant on a company with links to forced labor in China’s Xinjiang region. In a letter sent to Ford on Thursday, the chairs of the House Select Committee on the Chinese Communist Party and the House Ways and Means Committee demanded more information about the partnership, including what they said was a plan by Ford to employ several hundred workers from China at a new battery factory in Michigan. Ford announced in February that it planned to set up the $3.5 billion factory using technology from Contemporary Amperex Technology Ltd., known as CATL, the world’s largest maker of batteries for electric vehicles. CATL produces about a third of electric vehicle batteries globally and supplies General Motors, Volkswagen, BMW, Tesla and other major automakers. Ford has defended the partnership, saying it will help diversify Ford’s supply chain and allow a battery that is less expensive and more durable than current alternatives to be made in the United States for the first time, rather than imported.

Persons: Ford Organizations: Ford Motor, Republican, Ford, Chinese Communist Party, Amperex Technology Ltd, Motors, Volkswagen, BMW, Tesla Locations: American, China’s Xinjiang, China, Michigan, United States

Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – U.S. lawmakers are seeking to review a licensing deal between Ford Motor and China-based CATL that would allow the automaker to produce battery cells developed by the global supplier at a planned $3.5 billion plant in Michigan. The new batteries are expected to offer different benefits at a lower cost, assisting Ford in increasing EV production and profit margins. Several hundred of the proposed 2,500 jobs managed by Ford will be staffed by CATL employees from China until the licensing agreement expires in 2038, according to the letter. "Indeed, although the executives of the proposed project will be US-based Ford employees, it appears that the project will rely on CATL employees from the PRC to maintain operations in the long term," the lawmakers wrote.

Persons: Jim Farley, Biden, Tesla Organizations: Ford Motor Company, Technology, Ford Motor, Chinese Communist Party, CCP, Ford, Detroit automaker Locations: China, Marshall , Michigan, Romulus , Michigan, DETROIT – U.S, Michigan

☆ Trump, Biden campaigns spar over support of UAW workers, EV mandates
▼ + stars: | 2023-07-20 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Trump, the former Republican president seeking a return to office in 2024, said Democrat Biden was "waging war on the U.S. auto industry" through "crippling" electric vehicle mandates and urged the UAW to endorse him. Biden's campaign responded that Trump was "the most anti-union president in modern history, stacking his cabinet with anti-union officials." Trump said he advocated trade policies to help U.S. autoworkers during his presidency, including renegotiating trade deals. Biden's campaign said that he supported incentives that helped dramatically add more U.S. electric vehicle and battery production. Earlier this month the UAW called on the Biden administration to soften its proposed vehicle emissions rules.

Persons: Donald Trump, Joe Biden, Trump, Biden, Biden's, Shawn Fain, Fain, David Shepardson, Matthew Lewis Organizations: United Auto Workers, Republican, U.S, UAW, autoworkers, General Motors, Ford Motor, Chrysler, Republicans, U.S . Environmental Protection Agency, EPA, Thomson Locations: United States, Washington

July 19 (Reuters) - Tesla (TSLA.O) CEO Elon Musk signalled on Wednesday that he would cut prices again on electric vehicles in "turbulent times", even as his all-out price war on automaker rivals squeezes the company's own margins. The large price cuts have pressured Tesla's automotive gross margin, a closely watched indicator in the industry, but Musk has said Tesla would sacrifice margin to drive volume growth. As an example, Tesla this year cut U.S. prices of its Model Y long-range version by a quarter to $50,490. In 2020, Musk unveiled a plan to produce Tesla's own EV batteries called "4680" cells. Tesla said production of the long-delayed electric pickup Cybertruck remained on track for initial deliveries this year.

Persons: Elon Musk, Musk, Tesla, Thomas Martin, Akash Sriram, Hyunjoo Jin, Abhirup Roy, Peter Henderson, Joe White, Sayantani Ghosh, Matthew Lewis, Sam Holmes Organizations: Globalt Investments, EV, Ford, General Motors, Reuters, Thomson Locations: United States, China, Texas, Bengaluru, Hyunjoo, San Francsico

☆ Tesla’s new burden: shouldering the market
▼ + stars: | 2023-07-20 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Back then, Tesla had three-quarters of the U.S. electric vehicle market, according to Cox Automotive. Its U.S. growth flatlined in 2022, Cox reckons, as the overall quarterly growth rate of electric sales downshifted. It needs the entire electric-vehicle market to grow beyond its current 7% share of the U.S. market, to bring in new buyers. Cox found 51% of consumers are now at least interested in an electric car. But Tesla’s operating margin has fallen to under 10%.Gross profit per car delivered is also down, 44% year-over-year, despite costs also declining.

Persons: Elon, Tesla, Cox, Biden, can’t, Musk, Gross, Elon Musk, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, General Motors, U.S, Cox Automotive, Ford, Thomson Locations: U.S, United

☆ Auto supplier Magna to invest $790 mln to build three new facilities
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Canadian auto parts maker Magna International Inc (MG.TO) said on Thursday it will invest $790 million to build three new supplier facilities, two of which will be housed at Ford Motor Co's (F.N) BlueOval City campus in Tennessee. The development comes as suppliers race to meet requirements from automakers, who have been hustling to boost their electric vehicle output as demand for environmentally friendly vehicles surges. Magna's facilities will support production of Ford's second-generation electric truck, the Canadian company said in a statement. Ford in March said it plans to build up to 500,000 electric trucks a year at its BlueOval City complex under construction. A third Magna facility in Lawrenceburg will produce vehicle frames, the company said.

Persons: Ford's, Magna, Priyamvada, Nivedita Organizations: Magna International Inc, Ford Motor, Ford, Thomson Locations: BlueOval City, Tennessee, Ford's, BlueOval, Detroit, Lawrenceburg, Bengaluru

☆ Tesla’s Profit Rose in the Second Quarter After Big Price Cuts
▼ + stars: | 2023-07-19 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Tesla is one of the few companies that make money on electric vehicles, and it dominates the U.S. and European electric car markets. As a result, the company is in a stronger position than other automakers who are losing billions of dollars on electric cars. The Cybertruck will be Tesla’s first new passenger model since the Model Y went on sale in 2020. Unlike the Model Y, a sport utility vehicle that had scant competition when it went on sale, the Cybertruck enters a crowded field. Ford Motor offers an electric pickup, the F-150 Lightning, as does Rivian, a fledgling carmaker that sells an electric pickup called the R1T.

Persons: Tesla, Kelley, Ford Organizations: U.S, Ford Motor, General Motors, Chevrolet Silverado Locations: United States

☆ I'm Ford's global director of sustainability, and I think adopting electric vehicles could strengthen, not strain, the power grid
▼ + stars: | 2023-07-18 | by ( Cynthia Williams | ) www.businessinsider.com time to read: +4 min

While the answer isn't simple, Ford is introducing solutions to turn this grid anxiety into grid confidence. The power of V2GWe are working on turning every Ford EV into a virtual power plant that can be part of a collective power-grid solution. This solution could help mitigate energy shortfalls during peak usage hours when the power grid would be strained. Ford's collaborations with Duke Energy and Pacific Gas and Electric are great examples of how V2G technology can revolutionize the way we consume and distribute energy. We're doing our part at Ford to make these solutions realities — for both the power grid and our customers.

Persons: We've, we've, We're, Cynthia Williams Organizations: Service, Ford Motor Co, Associated Press, Ford EV, Virtual Power Plant Partnership, Ford, Duke Energy, Pacific Gas, EV

☆ Wall St ends higher with earnings poised to ramp up
▼ + stars: | 2023-07-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

"By and large, the market in its totality continues to be reasonably priced if not kind of cheap. The S&P and Nasdaq have advanced in five of the past six sessions. Tesla (TSLA.O) gained after the company said on Saturday it had built its first Cybertruck, after two years of delays. Bank shares recovered from Friday's losses, with the S&P 500 bank index (.SPXBK) up and the KBW regional bank index (.KRX) also advancing. Reporting by Chuck Mikolajczak in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Ford, Morgan Stanley, Goldman Sachs, JP Morgan, Stephen Massocca, CME's, Tesla, General Motors, Chuck Mikolajczak, Matthew Lewis Organizations: Citi, NEW, Netflix, Bank of America, Citigroup, Wedbush Securities, Nasdaq, Federal Reserve, Dow Jones, Ford, General, Reuters Graphics Apple, . Bank, Activision, Microsoft, PlayStation, Verizon, Thomson Locations: San Francisco, India, United States, New York

Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data. Tesla (TSLA.O) gained 1.9% after the company said on Sunday it had built its first Cybertruck, after two years of delays. New York Fed Manufacturing data showed the general business conditions index fell to 1.1 from 6.6 in June, indicating activity changed little during the month. Elsewhere, data showed the Chinese economy grew at a frail pace in the second quarter. The S&P index recorded 44 new 52-week highs and four new lows, while the Nasdaq recorded 104 new highs and 50 new lows.

Persons: Ford, Morgan Stanley, Goldman Sachs, Chris Zaccarelli, JPMorgan Chase, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee, Maju Samuel Organizations: Citi, Dow, Nasdaq, Apple, Tesla, Bank of America, Netflix, Independent, Alliance, Ford, General Motors, Dow Jones, Federal Reserve, New York Fed, JPMorgan, Citigroup, Activision, Microsoft, PlayStation, Federal Trade, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ Ford slashes prices of F-150 Lightning trucks as EV price war heats up
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

July 17 (Reuters) - Ford Motor (F.N) deepened a price war in the electric-vehicle industry on Monday by slashing the prices of its F-150 Lightning trucks, including a 17% cut for the base model, as it aims to boost its share of an EV market dominated by Tesla (TSLA.O). The Detroit automaker, which had raised Lightning prices earlier this year, said it was able to cut prices on improvements in scale and battery raw material costs. The move comes amid a price war started by Tesla a few months ago, which has seen the EVs of legacy automakers piling up at dealers as sales slow. Ford also said it has temporarily closed its Rouge Electric Vehicle Center in Michigan to complete final plant upgrades as it aims to triple the facility's annual run rate to 150,000 Lightning trucks, beginning this fall. Battery raw material prices have been one of the factors that pushed up EV prices.

Persons: Tesla, Marin Gjaja, We've, Ford, Nathan Gomes, Shivansh, Pooja Desai Organizations: Ford, Tesla, General, Rivian, Detroit, Reuters Graphics, Electric Vehicle Center, EV, Thomson Locations: Austin, Michigan, Bengaluru

☆ Jim Cramer explains Ford's electric vehicle price cuts
▼ + stars: | 2023-07-17 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Monday analyzed Ford Motor 's move to slash prices for its electric F-150 Lightning pickup truck. Cramer said he thinks the price cuts are due at least in part to the novelty of EVs wearing off for many Americans. It doesn't help, Cramer said, that these cuts come just a few days after Tesla unveiled its first Cybertruck, the optics of which he called "suboptimal." "Ultimately, unless your costs come down — and that's what's happening with Ford — there will be no profit anyway," Cramer said. "But if an auto company doesn't make electric vehicles, that auto company will eventually be doomed, we all know that."

Persons: CNBC's Jim Cramer, Cramer, Ford, Tesla Organizations: CNBC, General, Ford

Tesla's earnings on Wednesday are expected to show its gross profit margin declined to 18.9% in the second quarter, according to 19 analysts polled by Visible Alpha. "Tesla's market share for the EV segment is likely to decline over time," said Morningstar analyst Seth Goldstein said. "However, I think the more appropriate metric to look at is Tesla's total auto market share, which continues to grow as they continue to grow deliveries." Reuters GraphicsCHARGING AHEADAs EV sales slow, Tesla has been moving aggressively to capture a larger share of the U.S charging market in a bid to diversify its revenue. Piper Sandler estimates Tesla's revenue from its charging network to hit $9.65 billion in 2032, with more than half the sales coming from EVs made by other carmakers using its network.

Persons: Elon, Tesla, Vitaly Golomb, Seth Goldstein, Piper Sandler, EVs, Akash Sriram, Aditya Soni, Vinay Dwivedi Organizations: stoke, Ford, Visible Alpha, Reuters, Reuters Graphics, General Motors, Thomson Locations: BYD, China, U.S, Bengaluru

☆ Ford slashes prices of F-150 Lightning trucks, base variant to cost 17% less
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: 1 min

July 17 (Reuters) - Ford Motor (F.N) on Monday slashed the prices of its popular electric F-150 Lightning trucks, with the base variant now starting at about 16.6% less, amid an electric vehicle (EV) price war started by market leader Tesla (TSLA.O). The move also comes as some legacy automakers struggle with slowing EV sales, as Tesla's move to cut prices led to an accumulation of rival EVs at dealers. Ford, which has been pushing to shift to more EV models, said on Monday it had lowered the prices for all variants of the Lightning model. Ford's base Pro variant will now cost customers $49,995, compared to its prior price of $59,974, while the higher end Platinum model will cost about 6.2% less, at $91,995. Reporting by Nathan Gomes in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, EVs, Nathan Gomes, Pooja Desai Organizations: Ford, Thomson Locations: Bengaluru

☆ Ford cuts prices on its electric F-150 Lightning pickups by as much as $10,000
▼ + stars: | 2023-07-17 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Ford Motor on Monday cut prices for its electric F-150 Lightning pickup, saying its efforts to boost production and lower costs for battery minerals have paid off. Ford said prices for some of the least expensive versions of the Lighting would fall by nearly $10,000. Prices for all versions, including the top-line Platinum trim, will drop by at least $6,000 from levels set in March. The Dearborn, Michigan factory that makes the Lightning will be closed for several weeks while the production upgrades are put in place, Ford said Monday. Increasing production of the Lightning and other Ford EVs has been a key priority for CEO Jim Farley this year.

Persons: Ford, Ford EVs, Jim Farley Organizations: Ford Locations: Dearborn , Michigan, U.S

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