DETROIT -- Ford Motor Co. said it boosted prices an average of $117, or 0.4 percent, on 2011 models effective Friday, April 1.
The increase is because of “higher commodity costs,” George Pipas, Ford’s chief sales analyst, said today.
“This adjustment has been planned for some time,” Pipas said. “If you read the headlines, prices for food, energy, airline tickets are going up across the board.”
Ford, which posted a 16 percent gain in U.S. sales last month, informed dealers of the price adjustments on Friday. It declined to identify price adjustments on specific models.
Ford and other automakers have warned that rising commodity prices will eat into profits this year. Bloomberg reported the price increase today.
Last week, Toyota Motor Corp., coping with a rising yen and an earthquake-shattered supply chain, said it would raise prices an average 1.7 percent on many 2011 Toyota, Scion and Lexus models.
The Toyota increases range from $65 for the small imported Scion xD, to $900 for two of its larger vehicles, the Toyota Land Cruiser and Sequoia SUVs, as well as several Lexus models.
In a statement, Toyota estimated that the price changes on Toyota models amount to increases of between 1.2 and 2.2 percent.
At Lexus, price increases will range from $600 for the GX 460 SUV to $900 for the IS F, LS and GS 450h sedans, and the LX 570 SUV. Those price adjustments represent a change of between 0.8 percent and 2.1 percent for Lexus models.
The changes will be effective with “May 2011 production” for North American-sourced models, and with May arrivals on models imported from Japan, Toyota said.