Ford F-150 Lightning.
Ford surged up to 10% on Tuesday after it announced that it is nearly doubling the production of its electric F-150 Lightning. This comes after receiving 200,000 reservations for the truck.
Ford stock rose as high as 10% Tuesday after Ford announced that it would almost double the production of its F-150 Lightning electric vehicle.
The new target is 150,000 F-150 Lightnings per annum by 2023. This is up from the prior goal of 80,000, and an initial goal of only 40,000. Ford received more than 200,000 reservations to purchase the electric pickup truck. The deposit required $100.
“The truth is clear: People want an all-electric F-150, and Ford is pulling all the stops to scale up our operations and increase our production capacity,” stated Kumar Galhotra who is president of Ford Americas and International Markets.
The automaker will start delivering the electric F-150, America’s most popular selling vehicle, in the first quarter of 2022. Ford is also allowing F-150 Lightning reservations holders to start customizing their cars, and choosing trims.
Ford’s electric vehicle efforts have been a success. The company has also increased production of the Mustang Mach-E to 200,000 units per year by 2023. In the meantime, the electric van of Ford, the 2022 E-Transit (electric van), will be available for purchase in early 2022.
Electric vehicles are not only good business for Ford because of the strong demand but also have benefited shareholders. Ford stock surged 138% in 2021, far outpacing even Tesla’s impressive gain of 50%, and the S&P 500’s gain of about 27%.