Ford Triples F-150 Lightning Production Capacity, but Will the Sales Keep Up?

Ford made bold predictions about its capacity to compete and even overtake Tesla in EV production or, at least, US sales. The Blue Oval announced last year that it would reach a production capacity of 600,000 EVs by the end of 2023 and reiterated this goal in April during the first-quarter earnings call. Obviously, things aren't going according to plan because the second-quarter numbers looked underwhelming. Ford also pushed the 600,000-unit goal until the end of 2024.

Although sales of the Mustang Mach-E were optimistic, the F-150 Lightning electric pickup was less popular with consumers. The 2023 numbers show that sales of the Lightning appeared to peak at about 4,400 units per quarter. With the production halted throughout July, it's likely that the F-150 Lightning sales in the third quarter will also suffer, although Ford is overly optimistic. The Blue Oval said that the six-week production halt was used to retool, expand, and reconfigure the production lines, tripling Lightning's production capacity.

Ford will ramp up pickup production starting this month, with the goal to produce 70,000 Lightning trucks in 2023. The run rate at the end of the year would reach 150,000 units per year, a level that makes Ford confident it could meet demand. The question is, will the demand meet production capacity this time? Because if the third-quarter sales still look bad, Ford has no excuse. It already made price adjustments to make the electric pickup truck more attractive to customers.

Ford slashed F-150 Lightning prices in July by about $8,000 across the board, with the most significant cut ($10,000) reserved for the entry-level Pro variant. At the time, Ford CEO Jim Farley said the improved production capacity and lower battery material costs contributed to the decision to lower F-150 Lightning prices. Considering that Ford loses about $60,000 on every electric vehicle it sells, it's hilarious to think that it wanted to pass some of the savings to consumers while the company takes the hit.

The good news for retail customers is that they can also order the Pro trim until now reserved for fleet customers. Ford talks about "limited quantities," as the carmaker focuses on the highly popular XLT trim. Also, thanks to new automated equipment installed at the Rouge plant, production quality control will get a well-deserved boost. Ford has crowned itself as the most recalled US carmaker in 2022, and the 2023 numbers look like it wants to retain this position.