Sarah Patel's Avatar
published in Blogs
Sep 17, 2021
Ford (F, $13.42) doubles electric F-150 Lightning production capacity

Ford (F, $13.42) doubles electric F-150 Lightning production capacity

Ford Motor Co. announced that it will double the production capacity target for its F-150 Lightning electric pickup truck to 80,000 per year, citing strong demand.

Previously, the automaker’s production target was more than 40,000 of the vehicles by 2024.

"The interest from the public has surpassed our highest expectations," Executive Chairman Bill Ford said in a statement.

The vehicle is expected to go on sale next spring.

According to the company, it will invest $250 million and add 450 hourly jobs across three Michigan plants in order to meet the company's increased production target. Ford said that the company has already received more than 150,000 reservations for the truck.

A week ago, Ford announced plans to halt car production in India and lay off 4,000 workers in order to limit losses by second quarter 2022.

Related Tickers: F