Ford (NYSE: F) has decided to boost production of its electric F-150 pickup truck by nearly double by 2023, as consumer demand skyrockets.
On Tuesday, Ford announced plans to increase production of its F-150 Lightning pickup truck from an initial output of 40,000 units to 150,000 vehicles annually before mid 2023. Ford has already received approximately 200,000 non-binding reservations before phasing out preorders in December due to overwhelming demand.
“We had to stop reservations, we got so many,” Ford CEO Jim Farley told CNBC’s Jim Cramer. The unprecedented consumer demand for the F-150 Lightning has caught Ford off guard, sending the automaker scrambling to boost manufacturing. The company said it plans to progress into mass production of the F-150 Lightning pickup for its retail consumers, after completing the final pre-build phase this week.
Ford’s updated manufacturing plans come one day before rival General Motors (NYSE: GM) is expected to debut its electric Chevrolet Silverado, which is supposed to be better suited for competition against the F-150 Lightning.
Information for this briefing was found via Ford. 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.