Ford's green fueled push into the EV market has already produced some early successes, but in a sign that the company is thinking long term, the American auto giant has revealed that it has once again doubled production of the F-150 Lightning pickup as it continues to try and keep up with pent up consumer demand.
F-150 Lightning Production Grows To 150,000 Units A Year
The attention grabber in Ford's announcement today is that the company is once again doubling production of the F-150 Lightning EV pickup with the company now planning to produce 150,000 units a year. This is the second time that Ford has doubled production of the truck and it comes on the heels of the company logging over 200,000 pre-orders of the hotly anticipated truck.
The news helped Ford shares climb 7 percent in early morning trading on the S&P 500 and it could be the biggest gain in that slice of Wall Street depending on how the rest of the day's trading fares. Ford's president of the Americas and international markets Kumar Galhotra revealed that demand far exceeded supply and even issued a brief statement detailing the current landscape for Ford.
Based on the demand that we are seeing for our vehicles, and the rest of the industry is seeing, it feels like the demand is certainly there."
Ford On Track To Ramp Up EV Production
This latest announcement, as well as existing investments, could potentially allow Ford to build over 600,000 EVs annually by 2024 with that number growing higher once Ford finishes work on a new roster of battery and EV plants including the gigantic Blue Oval City campus in Tennessee.
These facilities will all play a role in Ford's plans to completely dominate the EV market in the U.S. and while the company is only responsible for a small portion of EV sales when compared to leaders like Tesla, Ford is hoping to completely destroy the established order, and climb its way to the top of the EV sales charts.
Photo Credit: Ford
Carl Malek has been an automotive journalist for over 10 years. In addition to his specialization with Ford, he grew up in a General Motors household and is extensively familiar with their products too. Contact Carl on Twitter at @CarlMalek3, on Instagram and Facebook for automotive news to send news tips.