Autos correspondent Pras Subramanian details Ford's latest supply chain concerns after announcing another price hike in its EV truck.
DAVE BRIGGS: Well, if you're in the market for a Ford F-150 Lightning EV, the task is getting tougher and the price tag higher. Ford raising the price the second time in as many months, this week by 5,000 bucks. The starting price now 51,974. up 11% from the previous price hike, and 30% more than in May of '21. Senior autos reporter Pras Subramanian here with more on this story. Pras, good to see you. What are we learning?
PRAS SUBRAMANIAN: Yeah, Dave. You mentioned that second price hike there for that base model, the Ford F-150 Lightning. Ford when they initially announced that truck had that sub $40,000 price tag. It was like a shot across the bow to the industry that, hey, we can make this truck for cheap. But you know what? Guess what? It seems like things are getting in the way, namely inflation. I spoke to an auto analyst named Sam Fiorani at AutoForecast Solutions. He's a big car manufacturing expert. And he told me that Ford had no choice but to do this. It wasn't sustainable for them with inflation and part shortages.
He said it was an inopportune time when Ford came out with the F-150 Lightning because of the fact that we started having inflation hit the economy. So you can't-- he also said you can't blame Ford here because it's not an execution problem. GM and Tesla also having problems with pricing. We saw Tesla raise prices. We saw GM say that their Ford Equinox is not-- I'm sorry. Their Chevy Equinox is not going to be below 30, but around $30,000. So you can't actually blame Ford here because of what's happening is an industry wide problem.
But there is a silver lining here. And he said that perhaps by raising prices, Ford can actually invest in their EV transition more fully, and then also potentially, we might be able to see cheaper EVs down the road. But it's hard to say right now to Ford F-150 Lightning reservation holders are going to see a bigger price tag when they finally get that truck.