By Dhirendra Tripathi
Investing.com – Ford stock (NYSE:F) traded 1.3% higher in Tuesday’s premarket on the company’s plan to nearly double the output of its all-electric pickup F-150 Lightning.
The company said it will now make 150,000 units of the vehicle every year at its Dearborn factory in Michigan to meet soaring customer demand.
Beginning Thursday, the company will invite the first group of reservation holders to place their orders for the F-150 Lightning. Reservation holders are being asked to watch for an invitation via email or log into their Ford account over the next few months. Those who don’t receive invitations to convert for the 2022 model year will have an opportunity to order a future model year vehicle in due course, the company said.
Ford recently announced the tripling of production for the Mustang Mach-E and expects to reach 200,000-plus units per year by 2023. Ford’s all-electric van, the E-Transit, goes on sale early this year.
The automaker’s pivot to electric vehicles – it is investing more than $30 billion in them through 2025 – has been rewarded well by the market. It was S&P 500’s fifth best stock in 2021, and surpassed General Motors' (NYSE:GM) market cap for the first time since 2016.
Within 24 months, Ford aims to have enough global capacity to produce 600,000 battery electric vehicles annually.