Ford Motor Company (NYSE: F) announced that it has received two hundred thousand bookings for its F-150 Lightning.
Delivery of vehicle to commence from Spring 2022
The F-150 Lightning is the electric version of the group’s best-selling F-Series trucks. The automobile giant announced that the first fleet of vehicles will not be delivered until Spring 2022. The company has received two hundred thousand pre-booking requests already. As a result, reservations have stopped for now. Ford Motor Company collected a deposit of $100 for reservation.
Ford Motor Company aims at strengthening its market position with the sale of F-150 Lightning
With the sale of its F-150 Lightning, Ford Motor Company aims to strengthen its market position in the electric vehicle space. Mustang Mach-E is another offering by the company in the segment launched in 2020. With combined sales of both the electric vehicle models, the electronic vehicle maker aims to give its rival Tesla Inc (NASDAQ: TSLA) tough competition.
Group finding it a task to match demand with the supply of Mustang Mach-E
Jim Farley, CEO of Ford Motor Company, was optimistic that global sales of the Mustang Mach-E could touch 50,000 vehicles. However, he added that production could be spiked in the years to come. Farley tweeted that it is difficult to produce the Mustang Mach-E but assured that the automobile maker would match demand with the supply.
Throwing light on numbers, the group’s CEO informed that Ford Motor Company aims to spike production and is hopeful that the company will produce two hundred thousand vehicles in 2023 for North America and Europe alone. That is a three-time jump in output of 2021.
Tesla Inc has enjoyed a monopoly in the electric vehicle segment
Michelle Krebs, the executive analyst for Autotrader, observes that Tesla Inc has enjoyed a monopoly in the EV market. No automobile giant has come close to what Tesla Inc has achieved in the EV sector. However, compaction is mushrooming as several automobile makers have announced the launch of vehicles in the EV space.
Ford Motor Company’s market value overtook General Motors Company’s (NYSE: GM). At close, Ford’s market value was $83 billion, and its rival GM closed at $82.9 billion market value.
