Ford Motor Co. (F) - Get Ford Motor Company Report 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.