Automotive giant Ford (NYSE:F) has jacked up the price for its F-150 lightning model, according to Automotive News.
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The move comes as the company restarts the manufacturing of the pickup after battery-associated challenges and as cost pressures persist. The company has now taken the price of the model from ~$40,000 initially to the current ~$60,000 level.
Ford is also taking rapid strides in the battery space. The company has teamed up with Zhejiang Huayou Cobalt and PT Vale Indonesia on setting up a $4.5 billion nickel processing unit in Indonesia. Ford remains focused on turning its EV vertical profitable as it aims to roll out 2 million vehicles a year by 2026.
Overall, Wall Street has a $13.46 consensus price target on Ford pointing to a 9.5% potential upside in the stock. That’s on top of a 6.6% gain in the share price over the past five sessions alone.
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