Shares of Ford Motor (F) are up 2.75% as of the close in New York today, August 24, on news that the company has doubled its production target for the F-150 Lightning because of strong early demand for the full-sized electric pickup truck ahead of its 2022 launch.
The automaker is targeting annual production of more than 80,000 in 2024, up from its prior target of more than 40,000.
Ford plans to spend an additional $850 million to meet that target. In May, Ford outlined plans to boost its spending on electrification by 2030 by more than a third to over $30 billion. Ford also announced plans that month to form a battery joint venture with South Korean battery maker SK Innovation Co that would open two plants in North America.
The higher production target is on top of the 50% boost that Ford outlined in November.
This initial electric model is heavily derived from the platform of the existing standard F-150. A redesigned F-150 Lighting is due in late 2025 and is expected to be the first to use Ford’s new TE1 track architecture.
Ford is a member of my Jubak Picks Portfolio. The shares are off 16% since I added that position on June 9, 2021.