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Ford (F) Restarts Mustang Mach-E Orders, Hikes 2023MY Price
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Ford Motor Co. (F - Free Report) has announced that it is set to take reservations for its 2023 Mustang Mach-E after a four-month suspension on the grounds of short supply.
However, the news of the re-opening of order banks also followed the announcement of the price increase of the battery-electric SUV in light of ongoing headwinds like material cost rises and supply chain snags.
The starting MSRP for the base Ford Mustang Mach-E Select RWD Standard range increased to $46,895, marking an increase of $3,000. The Premium RWD Standard Range model saw an even higher price rise of $6,200, now starting at $54,975. The top-of-the-line GT Extended Range edition now comes just below $70,000. The Mach-E GT will now cost $61,995, taking up its price by $7,900, and based on customer demand, the California Route 1 is no longer available with RWD. The 2022 Mustang Mach-E version of the California Route 1 RWD model used to start at $52,450. Presently, the California Route 1 eAWD Extended Range model starts at $63,575.
The adjusted MSRPs will be effective for new orders placed starting Aug 23. Customers with existing, unscheduled 2022MY (model year) orders will receive a private offer to convert to a 2023MY.
Although Ford has excluded destination and delivery fees, those have also increased, shooting up to as much as $1,200 per vehicle. So customers will have to pay at least $50,000 for the cheapest Mach-E.
Ford had closed the order bank for the 2022MY in April amid a global semiconductor shortage that severely hindered production. These factors hindered the auto giant from catering to the vast demand for the vehicle. Prior to this, Ford had ambitious plans for Mach-E sales. In 2021, the company said that it hoped to reach 200,000-plus units per year in 2023.
Though the Mustang Mach-E range has become quite a pinch to the pocket, Ford will be adding updated features across the lineup. The Co-Pilot360 Driver Assist Technology will be a standard safety feature going forward. The software will allow customers to receive future over-the-air updates for its Advanced Driver Assistance Systems (ADAS). Also, Ford is boosting the battery range of the Mach-E SUV Premium models.
Earlier this month, Ford re-opened its order bank for its much-celebrated all-electric F-150 Lightning pickup truck as production matched demand. However, that also came with price increases.
Prices of the EV truck have been increased between $6,000 and $8,500 across the various trim levels due to a surge in material costs and other factors, as cited by the company.
The starting prices for the 2023 F-150 Lightning will now range from nearly $47,000-$97,000, instead of $40,000-$92,000 previously for the 2022MY. Prices are exclusive of taxes and shipping/delivery costs.
The starting price of the base model, the Lightning Pro, which was initially $39,974, has seen a rise of $7,000 and now comes at $46,974. Prices will top out at near to six figures.
Ford is focused on its electrification drive to make a mark in the EV domain. Recently, it announced initiatives for sourcing battery capacity and raw materials to reach its targeted annual run rate of 600,000 EVs by late 2023 and more than 2 million EVs by the end of 2026. To streamline its EV operations, earlier this week, it announced to lay off nearly 3,000 workers to manage costs.
Driven by the constrained supply situation brought about by soaring prices, an intense chip crisis and parts shortage, more and more automakers are being forced to hike prices. EV giant Tesla Inc. (TSLA - Free Report) has hiked prices several times this year, including a significant hike twice in the same week of March when it charged $1,000 extra for all vehicles equipped with long-range battery packs. In June, Tesla again increased prices for all its car models in the United States, with some models going up by as much as $6,000.
In June, General Motors (GM - Free Report) announced a price hike for all new reservations for its already expensive GMC Hummer EV pickup or SUV. Prices will see an increase of $6,250 from the base manufacturer's suggested retail price. General Motors cited higher prices of parts technology and strained logistics as the driving factors.
The Zacks Rank #3 (Hold) stock has jumped 19.7% over the past year against its industry’s 50.9% decline.
Harley-Davidson has an expected earnings growth rate of 6.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 8.5% upward in the past 30 days.
Harley-Davidson’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. HOG pulled off a trailing four-quarter earnings surprise of 49.52%, on average. The stock has risen 4.8% in the past year.
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Ford (F) Restarts Mustang Mach-E Orders, Hikes 2023MY Price
Ford Motor Co. (F - Free Report) has announced that it is set to take reservations for its 2023 Mustang Mach-E after a four-month suspension on the grounds of short supply.
However, the news of the re-opening of order banks also followed the announcement of the price increase of the battery-electric SUV in light of ongoing headwinds like material cost rises and supply chain snags.
The starting MSRP for the base Ford Mustang Mach-E Select RWD Standard range increased to $46,895, marking an increase of $3,000. The Premium RWD Standard Range model saw an even higher price rise of $6,200, now starting at $54,975. The top-of-the-line GT Extended Range edition now comes just below $70,000. The Mach-E GT will now cost $61,995, taking up its price by $7,900, and based on customer demand, the California Route 1 is no longer available with RWD. The 2022 Mustang Mach-E version of the California Route 1 RWD model used to start at $52,450. Presently, the California Route 1 eAWD Extended Range model starts at $63,575.
The adjusted MSRPs will be effective for new orders placed starting Aug 23. Customers with existing, unscheduled 2022MY (model year) orders will receive a private offer to convert to a 2023MY.
Although Ford has excluded destination and delivery fees, those have also increased, shooting up to as much as $1,200 per vehicle. So customers will have to pay at least $50,000 for the cheapest Mach-E.
Ford had closed the order bank for the 2022MY in April amid a global semiconductor shortage that severely hindered production. These factors hindered the auto giant from catering to the vast demand for the vehicle. Prior to this, Ford had ambitious plans for Mach-E sales. In 2021, the company said that it hoped to reach 200,000-plus units per year in 2023.
Though the Mustang Mach-E range has become quite a pinch to the pocket, Ford will be adding updated features across the lineup. The Co-Pilot360 Driver Assist Technology will be a standard safety feature going forward. The software will allow customers to receive future over-the-air updates for its Advanced Driver Assistance Systems (ADAS). Also, Ford is boosting the battery range of the Mach-E SUV Premium models.
Earlier this month, Ford re-opened its order bank for its much-celebrated all-electric F-150 Lightning pickup truck as production matched demand. However, that also came with price increases.
Prices of the EV truck have been increased between $6,000 and $8,500 across the various trim levels due to a surge in material costs and other factors, as cited by the company.
The starting prices for the 2023 F-150 Lightning will now range from nearly $47,000-$97,000, instead of $40,000-$92,000 previously for the 2022MY. Prices are exclusive of taxes and shipping/delivery costs.
The starting price of the base model, the Lightning Pro, which was initially $39,974, has seen a rise of $7,000 and now comes at $46,974. Prices will top out at near to six figures.
Ford is focused on its electrification drive to make a mark in the EV domain. Recently, it announced initiatives for sourcing battery capacity and raw materials to reach its targeted annual run rate of 600,000 EVs by late 2023 and more than 2 million EVs by the end of 2026. To streamline its EV operations, earlier this week, it announced to lay off nearly 3,000 workers to manage costs.
Driven by the constrained supply situation brought about by soaring prices, an intense chip crisis and parts shortage, more and more automakers are being forced to hike prices. EV giant Tesla Inc. (TSLA - Free Report) has hiked prices several times this year, including a significant hike twice in the same week of March when it charged $1,000 extra for all vehicles equipped with long-range battery packs. In June, Tesla again increased prices for all its car models in the United States, with some models going up by as much as $6,000.
In June, General Motors (GM - Free Report) announced a price hike for all new reservations for its already expensive GMC Hummer EV pickup or SUV. Prices will see an increase of $6,250 from the base manufacturer's suggested retail price. General Motors cited higher prices of parts technology and strained logistics as the driving factors.
The Zacks Rank #3 (Hold) stock has jumped 19.7% over the past year against its industry’s 50.9% decline.
Image Source: Zacks Investment Research
A better-ranked player in the auto space is Harley-Davidson (HOG - Free Report) , carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Harley-Davidson has an expected earnings growth rate of 6.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 8.5% upward in the past 30 days.
Harley-Davidson’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. HOG pulled off a trailing four-quarter earnings surprise of 49.52%, on average. The stock has risen 4.8% in the past year.