Shares of Ford Motor Co. F fell 1.1% in premarket trading Monday, after the automaker said it was cutting prices on its F-150 Lightning electric trucks by as much as 17% for some models. Ford said it was making the cuts as it takes advantage of “increased plant capacity, continued work on scaling production and cost and improving battery raw material costs.” The manufacturer’s suggested retail price (MSRP) for the lowest price Pro model dropped 16.6% to $49,995 from $59,974, for the XLT 311A fell 14.7% to $54,995, for the Lariat 510A declined 7.1% to $69,995 and for the Platinum Extended Range slipped 6.2% to $91,995. The price cuts come electric vehicle giant Tesla Inc.’s TSLA price cuts led to a blowout second-quarter deliveries report. Ford’s stock has climbed 18.1% over the past three months through Friday, while Tesla shares have run up 50.4% and the S&P 500 SPX has gained 7.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
