Months after launching its F-150 Lightning, Ford Motor Company (NYSE: F) CEO Jim Farley is leading the charge to double the firm’s production capacity and meet the demand for its electric pickup. The automaker recently announced that retail reservations are approaching 200,000 units.
“Our [production] capacity is about half of what the demand is,” Farley said in a CNBC interview.
The non-binding reservations entail a refundable US$100 deposit, with the units expected to hit the dealerships by mid-2022.
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Farley adds that the company has a dedicated team focused solely on doubling the capacity for the Lightning vehicle, doing “whatever it takes.”
In September 2021, the car manufacturer already announced the plan to add US$250 million investment and add 450 jobs across its three Michigan facilities to double annual capacity to 80,000 units. This has been followed by an announcement in November 2021 to increase the capacity to 600,000 units globally by 2023.
“That’s why we’re committing in the next 24 months to get 600,000 units of capacity, but it’s going to take a lot of work by our team,” Farley added.
Ford Motor Company last traded US$19.57 on the NYSE.
Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
