In a bold statement laden with promising ambition, Ford (NYSE: F) CEO Jim Farley announced yesterday that the company is hot on the tail of trailblazer Tesla; as the company’s hugely-anticipated electric pickup truck – the F-150 Lightning – is receiving some serious attention. Apparently, the truck has enough demand to match Tesla’s Y model, a similar, mid-size utility vehicle.
There’s no smoke without fire, and Farley’s statement is far from unwarranted. Ford’s EV endeavor has been met with an incredible reception; especially the widely-anticipated F-150 Lightning; whose reservations continue to increase as the months go by. A slight taint on the company’s ambitious remark – production – as Farley pointed out in a post-earnings call:
“if we had full production today to meet our current demand we would rival the Model Y as the leading BEV nameplate in the U.S. market”
Ford has secured around 275,000 reservations for the Mustang Mach-E SUVs, F-150 Lightning pickups, and its E-Transit commercial vehicles – which has already secured orders from retail giant Walmart.
Ford was quick to the mark, hitting the electric pickup niche with the Lightning model, now allowing the company to take full advantage of its ‘first-mover position’.
The claims all rest on the levels of production that Ford is able to reach in the coming months. The company has previously stated it plans to ramp up production to around 80,000 units for 2023 and then a further run-rate of 150,000 units by mid-2023. Deliveries are expected to begin this Spring – it’s an exciting time for EV investors, with Ford becoming a key figure in the race for market share.
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Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.