U.S. markets closed
  • S&P Futures

    4,121.00
    +0.75 (+0.02%)
     
  • Dow Futures

    33,646.00
    +15.00 (+0.04%)
     
  • Nasdaq Futures

    13,819.00
    +10.25 (+0.07%)
     
  • Russell 2000 Futures

    2,227.20
    -3.40 (-0.15%)
     
  • Crude Oil

    59.82
    +0.12 (+0.20%)
     
  • Gold

    1,733.00
    +0.30 (+0.02%)
     
  • Silver

    24.88
    +0.01 (+0.05%)
     
  • EUR/USD

    1.1903
    -0.0014 (-0.12%)
     
  • 10-Yr Bond

    1.6750
    +0.0090 (+0.54%)
     
  • Vix

    16.91
    +0.22 (+1.32%)
     
  • GBP/USD

    1.3739
    -0.0003 (-0.02%)
     
  • USD/JPY

    109.5720
    +0.1960 (+0.18%)
     
  • BTC-USD

    60,697.56
    +720.82 (+1.20%)
     
  • CMC Crypto 200

    1,297.86
    +3.28 (+0.25%)
     
  • FTSE 100

    6,889.12
    -26.63 (-0.39%)
     
  • Nikkei 225

    29,825.09
    +286.36 (+0.97%)
     

Ford bets U.S. consumers will snap up high-end pickup trucks

By Bernie Woodall

DETROIT (Reuters) - Ford Motor Co (F.N) on Tuesday will launch a new luxury version of its F-150 pickup truck that could command prices above $60,000, answering growing demand from U.S. consumers for trucks that could substitute for a higher end German sedan.

The 2016 Ford F-150 Limited will go on sale later this year, and will be a step up from the automaker's current top-of-the-line pickup, the F-150 Platinum.

Low gasoline prices along with better fuel economy have boosted demand for feature-laden duty trucks and large SUVs which are helping the bottom lines for the three Detroit automakers.

One of the features that comes standard on the new F-150 Limited will be "multicontour massaging seats."

In June, half of the new F-150 pickup trucks sold by Ford were of its three existing premium models - Lariat, King Ranch and Platinum. The lowest-priced Lariat is more than $40,000 including destination charges, and depending on the options taken, a F-150 Platinum can top $60,000.

Ford has said its North American operating profit margin for this year will be as much as 9.5 percent, largely linked to the profits from its F-Series pickup trucks, the best-selling model in the United States since 1982.

The average price U.S. consumers paid for fullsize pickup trucks in the first half of this year was $42,429, nearly $10,000, or 30 percent, higher than in the first half of 2009, according to auto industry sales website and consultant TrueCar Inc (TRUE.O).

TrueCar found that the average price customers paid for F-150 trucks in the first half of the year was $46,573, up 8 percent from a year earlier, compared with $38,384 for the General Motors Co (GM.N) Chevrolet Silverado pickup truck, down 2 percent from a year earlier.

Fiat Chrysler Automobiles' (FCAU.N) (FCHA.MI) Ram pickup trucks sold at an average $42,256, up 6 percent from a year earlier.

The 2016 F-150 Limited will have a 3.5-liter EcoBoost V6 engine with fuel economy of 17 miles per gallon in city driving, and 24 mpg on the highway.

(Reporting by Bernie Woodall; Editing by Bernard Orr)