Ford Wants to Double the Production of its Electric F-150 Lightning Pickup
Ford to Boost F-150 Production
Ford Motors announced earlier today that it plans to double the annual production capacity of its upcoming electric F-150 pickup. Currently, the company manufactures less than 100,000 of the pickups but wants to boost production to 150,000 by 2023.
Kumar Galhotra, Ford president of the Americas & international markets, told CNBC earlier today that the reception of the electric F-150 vehicle has been absolutely incredible. As a result, the car manufacturer intends to boost its production and make it available to more people.
The increase in the production of the electric F-150 by Ford shows the company’s desire to boost its presence in the electric vehicle sector. Tesla remains the industry leader, but Ford wants to provide stiff competition in the growing sector.
Ford’s production plans came after the company began to take orders again for its vehicles. The company had previously halted production at multiple factories due to the Coronavirus pandemic.
Ford is also spending big on modernizing some of its auto plants. Thus, showing the desire to become one of the biggest players in the electric vehicle sector.
Ford’s Stock Price Rallies by Over 11%
The shares of Ford are up by more than 11% since the US market opened a few hours ago. At press time, F is trading at $24.15, up by 11.03% over the past 24 hours. F has outperformed numerous auto manufacturing stocks over the past few months.
In 2021, Ford’s stock value rose by more than 180%, performing better than the likes of Tesla. Bank of America’s Securities analyst John Murphy increased Ford’s price target from $22 per share to $26.
Ford joins other car manufacturers like General Motors in expanding their presence in the electric vehicle sector.