DETROIT – Ford MotorOn Tuesday, the company announced that it will nearly double its annual production capacity for the F-150 electric pickup truck to 150,000 units per year by 2023. This is in response to strong consumer demand.

Positive signs of increasing demand are evident in the increase. the F-150 LightningFord underestimated the demand for its truck and electric cars in general, which led to it scrambling to boost it. It is the second timeFord stated that it intends to increase production by doubling the number of units. The vehicle is expected to be available in spring. The initial production goal was for approximately 40,000 units.

“The reception of this vehicle has been absolutely incredible,” Kumar Galhotra, Ford president of the Americas & international markets, said Tuesday during CNBC’s “Squawk Box.”

Ford shares were about 3% higher in pre-market trading

Ford will announce its production plans before it begins taking orders on Thursday. Ford received around 200,000 reservations that were not binding for the truck. stopped taking the pre-orders last month.

CNBC was then told by Jim Farley, Ford CEO. “whatever it takes”To double the production capacity of F-150 Lightning.

Farley explained to CNBC’s Jim Cramer that they had to cancel reservations after receiving so many. “We stopped at 200,000. Those are orders. Orders that are not hard to fulfill

Ford stated that it would implement a wave-by-wave booking process. Reservation holders will be asked to keep an eye out for an email invitation from Ford and to log in to their Ford.com accounts over the coming months to make an order.

Ford stated that this week will be the last phase of pre-build before moving into mass production for F-150 Lightning Pro and F-150 Lightning Pro trucks for retail customers.

Ford has released its production plans a day earlier General MotorsChevrolet Silverado will soon be available in an electric variant. It is anticipated that the pickup will compete directly against its F-150 Lightning counterpart, rather than with its GMC Hummer Electric. started shipping to consumers. It is not expected that the Silverado will go on sale before 2023.

The F-150 Lightning Lightning pricing is similar to the conventional pickup. has a wide range.Work-oriented versions of this truck start at $39,974. Consumer-centric models start at $52,974 with a maximum of $90,000.