Stock Groups

Ford adds jobs to increase production of electric F-150 pickup; reservations top 150,000

[ad_1]

2022 Ford F-150 Lightning

Ford

DEARBORN, Mich. – Ford Motor is expanding hiring to increase production capacity for its all-electric F-150 Lightning pickup as it begins building prototypes of the electric pickup.

Detroit’s automaker announced Thursday it will invest $250 million more and create 450 new jobs at three Michigan factories, including Rouge Electric Vehicle Center, which is building the truck. This will increase the annual vehicle production to 80,000 units.

Ford has now invested about $950 million in production of a hybrid version of the truck and the electric pickup, which is scheduled to go on sale next spring starting at about $40,000.

Ford claims that more than 150,000 have made reservations for the F-150 Lightning since it’s debut in May. This is up from the 120,000 who reserved the vehicle at the end July.

Production and reservations for the F-150 Lightning are being closely watched by investors and industry analysts as a barometer for consumer acceptance of electric vehicles, specifically pickups, which dominate sales in the U.S.

“We knew the F-150 Lightning was special, but the interest from the public has surpassed our highest expectations and changed the conversation around electric vehicles. Ford Chairman Bill Ford stated that the company is doubling down and adding jobs to boost production.

Ford Chairman Bill Ford speaks May 19, 2021 during the unveiling of the electric F-150 Lightning pickup truck outside the automaker’s world headquarters in Dearborn, Mich.

Ford

A handful of automakers are expected to offer electric pickups in the coming years. Amazon– and Ford-backed start-up Rivian earlier this week became the first automaker to enter what’s expected to be a hotly contested segment.

General Motors GMC Hummer Electric Vehicle Pickups will be rolling off the assembly lines in this fall, and is likely to bring its electric pickup to market. EV start-up Lordstown Motors and Ford are expected to follow next year along with Tesla, which recently pushed back deliveries of its Cybertruck from this year to late 2022.

Companies use pre-production vehicles, also known as prototypes, to validate their designs before assembling the actual vehicle.

2022 Ford F-150 Lightning

Ford

[ad_2]