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Ford Retreats From Near 5-Year Highs Amid F-150 Lightning Pro Unveiling

Ford shares are trading near the highest levels in five years Monday as the carmaker accelerates its move to electrified vehicles with the unveiling of its commercially-focused F-150 Lightning Pro.

Ford Motor Co.  (F)  shares peeled away from near five-year highs Monday after the carmaker officially unveiled a commercial version of its popular all-electric F-150 Lightning truck.

Ford said the F-150 Lightning Pro, the first of its electrified vehicles that is purpose-built for commercial customers, will start with a list price of $39,974, including a federal tax credit of around $7,500, a figure that pegs it largely in-line with Tesla's TSLA planned cybertruck. Last week, Ford unveiled the mainstream version of its electrified F-150, the top-selling car in the United States, during a visit to a production facility in Dearbon, Michigan from President Joe Biden. 

Ford CEO Jim Farley said the battery-powered F-150 Lightning -- which has a 230 mile full-charge range -- received 20,000 orders shortly afterwards, with industry projections expecting production rates of around 40,000 starting in 2023.  

"F-150 Lightning Pro represents so much more than an electric workhorse - it's made for commercial customers inside and out, it gets better over time, and it's totally plugged into always-on services that can help business productivity," Farley said Monday.  

Ford shares were marked 1.9% lower in early trading Monday to change hands at $13.08 each after trading as high as $13.62, the highest since July 2016, in pre-market trading. The stock is up around 53% so far this year.

Ford cautioned last month that the ongoing shortage in global semiconductors would cost it around $2.5 billion -- more than double its previous estimate -- and likely last until at least the first half of 2022 after its smashed first quarter earnings forecasts with a bottom line of $3.3 billion, the best in a decade, on revenues of $36.2 billion.

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