: Ford resumes electric F-150 production, says price cuts led to ‘sixfold’ jump in orders

by | Aug 1, 2023 | Stock Market

Ford Motor Co.’s factory that makes the F-150 Lightning has resumed production after an overhaul, and recent price cuts on the electric pickup truck have led to a jump in orders, the automaker said Tuesday. Ford
stock rose on Tuesday, a mix day for the broader market and for shares of automakers, with shares of General Motors Co.
Tesla Inc.
and Rivian Automotive Inc.
in the red.

Ford’s Rouge Electric Vehicle Center in Dearborn, Mich., went through a six-week shutdown to expand and retool to triple its capacity to make the Lightning, the electric version of Ford’s F-150, the best-selling vehicle in the U.S. for four decades. “While the temporary shutdown of the Rouge Electric Vehicle Center limited customer deliveries this summer, the facility is now ready to accelerate the ramp-up process to unlock supply and help meet demand for the truck,” Ford said. With the expansion, Ford said it will be able to make the F-150 Lightning at an annualized rate of 150,000 vehicles by the fall, with Ford planning to build 70,000 electric pickup trucks there this year. The capacity increase at the plant will shorten customers’ wait for the truck and also enable Ford to focus on pricier, and more profitable, trims. Moreover, the recent price cut “has helped to drive a threefold increase in web traffic and a sixfold increase in customer orders as Lightning becomes more accessible to a broader segment of shoppers,” Ford said. Ford reported second-quarter earnings last week, but a beat-and-raise for the company was overshadowed by concerns about Ford’s EV production. The automaker said it expects to reach a production rate of 600,000 EVs in 2024; when it reported first-quarter earnings in May it said it would reach that milestone by the end of this year. See also: Ford takes a jab at from-the-brink GM Bolt, says it will make more hybrids Ford announced the electric F-150’s price cuts last month, with reductions of up to 17%. “Price wars” a …

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