DETROIT – Ford has doubled its manufacturing goal for the F-150 Lightning due to sturdy early demand for the full-sized electrical pickup truck forward of its 2022 launch, and the corporate plans to spend a further $850 million to fulfill that concentrate on, a number of folks and suppliers accustomed to the plans mentioned.
The No. 2 U.S. automaker is concentrating on annual manufacturing of greater than 80,000 in 2024, up from its prior goal of greater than 40,000, in accordance with the sources, who requested to not be recognized. Shares of Ford rose 1.3% on Monday.
“They had been pleasantly shocked by the demand for the Lightning,” one of many sources mentioned of Ford officers.
Trade observers have questioned whether or not particular person patrons will surrender their gas-powered pickups for electrical fashions, however industrial prospects are pushing for electrical vans and vans to scale back their carbon footprints.
The ramp to the brand new manufacturing goal consists of plans to construct about 15,000 subsequent 12 months after the electrical truck’s spring launch and 55,000 in 2023, a second supply mentioned. Following the launch of the second era Lightning in late 2025, the annual goal is simply shy of 160,000.
The rise is on prime of the 50% enhance Ford outlined final November, the sources mentioned.
Driving the extra optimistic targets is robust pre-launch demand for the car, particularly with industrial prospects, the sources mentioned.
“We’re excited with buyer demand for the F-150 Lightning and have already got 120,000 buyer reservations, and we’ll proceed to search for methods to interrupt constraints and meet buyer demand,” Ford mentioned in an announcement. The corporate declined to remark additional.
Ford and different world automakers are racing to shift their gasoline-powered lineups to all electrical energy beneath stress from areas like Europe and China to chop car emissions. U.S. President Joe Biden has referred to as for $174 billion to spice up U.S. EV manufacturing, gross sales and infrastructure.
In Might, Ford outlined plans to spice up its spending on electrification by 2030 by greater than a 3rd to over $30 billion. Ford additionally introduced plans that month to type a battery three way partnership with South Korean battery maker SK Innovation Co that might open two crops in North America.
Ford’s EV technique is concentrated on leveraging its strongest manufacturers, with the electrical F-150 and Transit van becoming a member of the Mustang Mach-E SUV. The gas-powered F-150 has been the top-selling car in america for over 4 a long time.
Different automakers with plans to introduce electrical pickups embody Common Motors Co and Tesla Inc, in addition to startups Lordstown Motors Corp, Canoo Inc and Rivian. Ford owns a stake in Rivian.
The elevated Lightning manufacturing goal has some suppliers anxious concerning the further funding that may entail and uncertain the demand for electrical pick-ups will meet Ford’s expectations.
“It actually places suppliers in a dicey state of affairs if the quantity would not come true,” mentioned one provider government, who requested to not be recognized.
The redesigned F-150 Lightning, due in late 2025, is anticipated to be the primary to make use of Ford’s new TE1 truck structure, AutoForecast Options beforehand mentioned. The primary-generation Lightning makes use of a platform that’s closely derived from the usual F-150.
(Reporting by Ben Klayman and Joseph White, extra reporting by Heekyong Yang in Seoul; Enhancing by Howard Goller)
