Ford said Tuesday it will nearly double production capacity of its upcoming electric F-150 Lightning pickup truck to 150,000 vehicles a year by mid-2023 in response to customer demand.
The company made the decision after receiving nearly 200,000 reservations for the new electric pickup truck. The true test of whether this demand is real will begin later this week when Ford invites the first wave of retail reservation holders to place orders for the truck.
Tuesday’s announcement comes several weeks after CEO Jim Farley said Ford planned to increase production of the all-electric Mustang Mach-E in 2022 with the goal of tripling its current capacity by 2023.
Ford said in November that it would increase its production capacity of electric vehicles to 600,000 units globally by 2023 — a goal that would be spread across the Mustang Mach-E, F-150 Lightning and commercial E-Transit vans. If Ford hits that 600,000 figure it would double the number it had expected to produce over the next two years.
The automaker said it will spend more than $30 billion in electric vehicles through 2025, which includes an $11.4 billion investment to build new battery plants with SK Innovation. The plants, one in Tennessee and two in Kentucky, will produce lithium-ion batteries to power next-generation Ford and Lincoln vehicles.