Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ford Gains as Demand for F-150 Lightning Outpaces Capacity, Firm to Boost Output

Published 2021-09-16, 12:26 p/m
Updated 2021-09-16, 12:26 p/m
© Reuters.

© Reuters.

By Dhirendra Tripathi

Investing.com – Ford Motor stock (NYSE:F) rose 1% Thursday as the company said it will boost output and add jobs to meet demand for its all-electric truck F-150 Lightning.

The company said it has taken more than 150,000 reservations for the trucks to date. The vehicle will be one of the mainstays of Ford’s EV play.

Ford said it is investing an additional $250 million and adding 450 more direct jobs across its Rouge electric vehicle Center, Van Dyke electric powertrain center and Rawsonville components plant in Michigan.

The investment and added jobs will help increase production capacity to 80,000 trucks a year.

Workers at the Rawsonville components plant will assemble the batteries and the Van Dyke electric powertrain center will increase its capacity to supply electric motors and electric transaxles for the F-150 Lightning.

Ford has priced its F-150 Lightning aggressively. The base model costs $40,000, making it more affordable than the next cheapest truck, the Tesla (NASDAQ:TSLA) Cybertruck. Rivals like the Rivian R1T and the Hummer EV cost a lot more.

The vehicle has a targeted EPA-estimated driving range of 300 miles with the extended-range battery.

The company has been making all efforts to get deeper into the EV market. It has a joint venture with South Korea’s SK Innovation to produce approximately 60 GWh annually in traction battery cells and array modules, starting mid-decade, with potential to expand.

Ford is also putting in more equity in Solid Power, a producer of all-solid-state batteries for EVs. Solid-state batteries are showing great promise. They don’t use the liquid electrolyte found in conventional lithium-ion batteries, can be lighter, with greater energy density and provide more range and lower cost.

 

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.