Ford will raise the sticker price on cars imported from Mexico. It just said it didn't expect significant US price hikes
Ford is hiking the sticker prices for the three US models it imports from Mexico by up to $2,000 each, just days after executives said they didn't expect significant increases in industrywide car prices this year.
The price increase was disclosed in a memo sent to Ford dealerships, first reported by Reuters but confirmed by Ford. Ford said the manufacturer's suggested retail price (MSRP), also known as the 'sticker price,' would increase between $600 to $2,000 per vehicle, depending on the features. Ford said the price hike doesn't apply to vehicles currently on the lot, but will apply to those built after May 2, which start arriving at dealerships in several weeks.
'This is our usual mid-year pricing actions combined with some tariffs we are facing,' Ford spokesman Said Deep told CNN. 'We have not passed on the full cost of tariffs to our customers. Our approach throughout this evolving situation continues to be doing what's right for our customers – and our business.'
Since April 3, imported vehicles have faced a tariff of up to 25%. Most of the major automakers import some of their US vehicles from foreign plants, including those in Mexico. Ford assembles three US models in Mexico: the Ford Mustang Mach-E electric vehicle, the Maverick midsize pickup and the Bronco Sport, an entry-level SUV. Those models accounted for about 17% of Ford's first quarter US sales.
The price hike does not mean customers will necessarily pay $2,000 more per vehicle. Retail prices are set across millions of individual negotiations between buyers and dealers, although the MSRP is typically a starting point.
Despite the tariff on car imports, and an additional tariff on imported parts raising the cost of production, most automakers have been slow to announce price increases pegged to import taxes.
Ford said last week it would continue to offer customers the promotional 'employee pricing' through July 4. Ford says it has a sufficient inventory of vehicles built and imported before tariffs took effect to handle purchases through that date.
During a media briefing Monday, Ford CFO Sherry House would not comment on Ford's own pricing plans, but said she didn't expect new car pricing in the United States to increase significantly. Ford itself said it expects the tariffs will cost it about $1.5 billion through the rest of this year.
'We now expect industry pricing related to tariffs (to increase) about 1% to 1.5% in the second half,' she said.
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