• About 200,000 customers have made reservations for the Lightning
Ford Motor Co (NYSE: F) on Tuesday began manufacturing of its F-150 Lightning electric pickup truck, as demand for electric vehicles increases.
The new truck, which is the electric version of its bestselling F-150 truck, is Ford’s attempt at making its place in the electric vehicle market for trucks.
The Dearborn, Mich., auto maker is increasing the production of the electric truck due to the rising demand.
The auto maker, which earlier announced production of 40,000 Lightning trucks annually, said it will increase the production to 150,000 a year.
About 200,000 customers have made reservations for the Lightning.
At an event in Ford's Rouge Electric Vehicle Center in Dearborn Michigan, Chief Executive Jim Farley said the Lightning will cost "thousands of dollars less than our competitors' trucks -- whenever they go on sale."
Automakers, including Ford, have been facing challenges due to semiconductor shortages in the market resulting in production halts.
As the demand for electric vehicles grows, automakers are investing tremendously in the EV market. Rising gas prices have also contributed to the rising popularity of electric vehicles.
Picture Credits: WSJ
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