Photo: Ford
As Ford flexes into the EV market harder than ever before, they have to cap reservations to ensure they can meet demand. Despite that, their CEO says that they're working harder than ever due to incredible demand.
In an interview with CNBC on Tuesday, Jim Farley, CEO of Ford, told Jim Cramer of Mad Money fame that "our [production] capacity is about half of what the demand is." That was backed up today when Ford stopped accepting pre-orders for the upcoming F-150 Lightning.
As the company has picked up nearly 200,000 of the $100 pre-order reservations, they've decided to shift focus to "order bank opening".
In a statement found on the F-150 Lightning reservation website, Ford said, "As we prepare to make history together, we’ve closed reservations so we can start accepting orders. Sign up for updates and get exciting news on the electric revolution. We can’t wait to get you behind the wheel of an F-150 Lightning truck."
To do that, Farley says that the brand has a team dedicated to increasing production dramatically. “We have a dedicated team right now just doing one thing: finding a way to double our capacity by finding batteries, whatever it takes, to double our capacity of Lightning,” he told Cramer.
Of course, he also said that the Mustang Mach-E could use a doubling of production as well. That makes for a tough year ahead as the team tries to catch up. If Ford can manage anywhere close to double its current production rates, it might seize the EV truck market completely.
While Rivian beat everyone to market and the Hummer EV is on schedule to beat Ford, it's the Lightning that will be the most accessible. Its Pro trim level is slated to cost just $40,000. The Rivian R1T starts at $67,000 while the Hummer sits above six digits.
As the company has picked up nearly 200,000 of the $100 pre-order reservations, they've decided to shift focus to "order bank opening".
In a statement found on the F-150 Lightning reservation website, Ford said, "As we prepare to make history together, we’ve closed reservations so we can start accepting orders. Sign up for updates and get exciting news on the electric revolution. We can’t wait to get you behind the wheel of an F-150 Lightning truck."
To do that, Farley says that the brand has a team dedicated to increasing production dramatically. “We have a dedicated team right now just doing one thing: finding a way to double our capacity by finding batteries, whatever it takes, to double our capacity of Lightning,” he told Cramer.
Of course, he also said that the Mustang Mach-E could use a doubling of production as well. That makes for a tough year ahead as the team tries to catch up. If Ford can manage anywhere close to double its current production rates, it might seize the EV truck market completely.
While Rivian beat everyone to market and the Hummer EV is on schedule to beat Ford, it's the Lightning that will be the most accessible. Its Pro trim level is slated to cost just $40,000. The Rivian R1T starts at $67,000 while the Hummer sits above six digits.
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